RWC Partners has raised assets in excess of USD330m for the launch of its new US equity long short strategy, with a further USD150m committed over the next two months.
Two funds have been launched with the same objective – a Luxembourg Ucits III fund (RWC US Absolute Alpha) and a Cayman-based fund (RWC Biltmore fund).
Both funds seek to deliver consistent absolute returns through investment in large capitalisation US stocks.
The Ucits fund will start with more than USD100m of assets.
The funds will be managed by Mike Corcell as part of a dedicated team of five. Corcell has been managing US equity long short strategies since 1999. He previously ran the Threadneedle American Crescendo Fund, a US equity long short fund, launched in 2004.
The other members of the team are SAC veteran Gabe Marshank, Alex Robarts (ex-Threadneedle), Sam Weeman from JP Morgan and trader Hayes Varey.
Over the five years Corcell has managed US equity long short portfolios, the portfolios have had a relatively low gross exposure and have been invested in highly liquid stocks. This profile means that RWC US Absolute Alpha will be able to offer daily liquidity and high levels of transparency. RWC Partners intends for the fund to be registered for sale throughout Europe. It will have share classes that are tax efficient for German and UK investors, whilst offering fully hedged currency share classes in EUR, USD and GBP.
RWC Biltmore Fund will seek to achieve the same objective, but is structured as a Cayman master-feeder fund.
Peter Harrison (pictured), chief executive at RWC Partners, says: “This launch demonstrates that a combination of exceptional portfolio managers and comprehensive product structuring can still raise assets in an industry largely devoid of good news or new launches. There was clearly a lack of strong US equity long short capability in London. Mike and Gabe did an exceptional job in communicating their approach to clients.”