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Equity Hedge Investing Related News
 in chronological order

 See also: Equity Hedge Investing Related Books, Equity Hedge Investing Related Scholarly Papers, or Equity Hedge Investing Home Page.

Table of Contents:
 

SciVest launches Cayman-based Global Net Short Equity Fund

January 26, 2006
From Investment Executive:
 The SciVest Group of Companies, a global investment manager that specializes in developing hedge fund portfolios, today announced the launch of the Cayman Islands based SciVest Global Net Short Equity Fund.

The new fund is the sister fund the Canadian-based SciVest Net Short Equity Fund which was launched in July 2004, and has consistently been ranked as one of the top performing equity short biased funds in the world.

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Private Equity Emerges as a Systems Niche

January 15, 2006
From Securities Industry News:
 With investor money pouring in and investment outlets diversifying, private equity funds, in an operational sense, are looking more and more like hedge funds did a few years ago. They are constantly honing strategies and seeking better ways to manage deal flow in the interest of their investors and associates.

By and large, they haven't put a lot of emphasis on information technology and infrastructure. They place a premium on human and intellectual capital-and on people's ability to capitalize on relationships and information with whatever tools are at their disposal. Though there is some movement toward installing software platforms or using outsourcers such as a Bisys Group hedge fund and private equity unit in New York, managing partners stress that it's the people who do the deals.

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Managers enjoy resurgence of equity markets

December 4, 2006
From Investment Week:
 Reduced exposure to fixed interest and a tilt towards equities has helped Robin Geffen and John Husselbee, managers of the Neptune Multimanager Income fund, outperform their Cautious Managed peers in recent years.

The fund has claimed top spot in the Cautious Managed sector, posting a bid to bid return of 55.16% over three years to the end of October against the 36.43% average, according to figures from Standard & Poor's.

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Old Mutual to launch European equity hedge fund

November 24, 2006
From Citywire:
 Old Mutual Asset Managers has recruited a new investment team to launch a European equity long/short hedge fund.

The team will be headed up Graeme Gilchrist, previously a European equity long/short portfolio manager at Cambrian Capital Management.

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Cazenove to launch fund of hedge funds via IPO

October 11, 2006
From Reuters Italia:
 Cazenove Absolute Equity, part of investment company Cazenove Capital Management, said on Tuesday it was launching a new fund of hedge funds via an IPO later this month aimed at retail and institutional investors.

Up to 100 million shares will be offered via the IPO at 100 pence per share, with dealings on the Alternative Investment Market expected to begin on October 30, Cazenove said.

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ACG-Grant Thornton Survey Finds Private Equity-Hedge Fund Convergence

October 4, 2006
From BusinessWire:
 A survey released today reveals a blurring of the line between private equity and hedge funds, driven primarily by hedge funds seeking higher returns, more capital to manage, and diversification of risk.

The survey, believed to be the first of its kind on the issue, was conducted by the Association for Corporate Growth (ACG), the premier professional organization focused on corporate growth, corporate development, and mergers and acquisitions, and Grant Thornton LLP, a leading global accounting, tax and business advisory firm.  

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Hedge funds are caught out by equity markets

August 22, 2006
From Times Online:
 HEDGE fund managers who fail to hedge were blamed yesterday for a prolonged bad patch for the industry that has now stretched into its fifth month.

Hedge funds have increasingly been placing directional bets on rising share prices and were badly caught out when equity markets dived in May and June. 

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Hedge funds see shift away from equity strategies

August 14, 2006
From MSNBC:
 Hedge funds pursuing multi-asset class and fixed income-related trading strategies are an increasingly important segment of the industry, according to a new report from m.a.partners, an independent management consultancy.

Richard Spencer, partner at m.a.partners, expects these two categories to account for half of all hedge fund assets under management by the end of 2006. Recent estimates put the global hedge fund industry's assets at $1,500bn.

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Cayman Islands: Are Hedge Funds In Private Equity Concerning?

June 28, 2006
From Mondaq:
 Over the past five years, the hedge fund market has witnessed exponential growth, with over 8,000 funds now managing an estimated $1 trillion of assets globally. As a result, hedge funds are at a juncture where they find themselves looking for new opportunities for growth. In seeking these new opportunities hedge funds have begun to encroach on the hunting ground of private equity funds, by providing debt or equity financing for the acquisitions of unlisted companies, including taking large, sometimes controlling, equity positions and assuming more shareholder-activist stances. How does this affect hedge fund investors?

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INSIDER; Where Private Equity Goes, Hedge Funds May Follow

June 23, 2006
From New York Post:
 WHEN KKR Private Equity Investors raised $5 billion in Amsterdam for a publicly traded buyout fund, inspired fee-seeking competitors lined up to follow suit. When the markets started melting soon after the May offering, most of those competitors moved to the sidelines, waiting eagerly for the moment they could...

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LEVERAGE LOOT

May 30, 2006
From New York Post:
 Wall Street's most prestigious investment banks are clamoring to get a piece of the next private-equity firm to float shares in a multibillion-dollar initial public offering.

Citigroup, Goldman Sachs and Morgan Stanley collectively raked in nearly $280 million by underwriting the recent much talked about $5 billion private-equity vehicle sponsored by buyout biggie Kohlberg Kravis Roberts.

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Private equity, hedge fund chieftans donate $45M to Columbia

May 11, 2006
From MarketWatch:
 Columbia Business School said Thursday alumni from the private equity and hedge fund world will donate $45 million to the school. Russell L. Carson, founding partner of Welsh, Carson, Anderson & Stowe will donate $10 million. Henry R. Kravis of Kohlberg Kravis Roberts & Co. will also donate $10 million. Arthur J. Samberg, chairman and CEO of hedge firm Pequot Capital Management, will give $25 million.

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Long-short equity hedge funds to shine

April 26, 2006
From PR Newswire:
 Long-short equity hedge funds are the most likely to make market-beating returns in coming years, although performance could wane over time if markets get crowded, a senior portfolio manager said on Tuesday.

Long-short equity hedge funds use techniques such as short selling -- betting an asset price will fall -- to make money, so they can hedge their long exposure.

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Cazenove to launch global macro hedge fund

April 21, 2006
From Reuters UK:
 Cazenove Capital Management is to launch a new equity long/short global macro hedge fund in May to be managed by Tim Love, who was poached from Deutsche Bank in January.

The launch comes as many emerging markets and commodities have seen strong price gains. Hedge funds are targeting pension funds and others with offerings in these asset classes that ideally will combine high performance with acceptable levels of volatility.

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Western Gas Resources, Inc. Announces 2006 and 2007 Equity Hedging Positions

March 13, 2006
From PR Newswire:
 Western Gas Resources, Inc. (NYSE: WGR) today announced that the Company has established natural gas hedging positions for 2007 totaling 115,000 million British thermal units ("MMBtus") per day, utilizing costless collar structures with a minimum price of $7.00 per MMBtu and an average maximum price of $14.90 per MMBtu. The positions, along with associated basis hedges, are outlined in Table A.

In addition to previously announced 2006 hedging positions of 85,000 MMBtus per day for the full year, the Company established an additional 30,000 MMBtus per day for the second through fourth quarter of 2006, utilizing costless collar structures with a minimum price of $7.00 per MMBtu and a maximum price of $10.25 per MMBtu. The Company also established propane hedging positions for the second through fourth quarter of 2006 totaling 140,000 barrels per month, with a minimum price of $0.83 per gallon and an average maximum price of $1.04 per gallon. The total positions, along with associated basis hedges, are outlined in Table B.

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When Hedge Funds Meet Private Equity

February 20, 2006
From Working Knowledge:
 Seeking greater returns, hedge fund managers are increasing investments in private equity opportunities such as real estate and non-public companies, leading some industry observers to predict a convergence between the two.

Are hedge funds a threat to private equity? Will investors benefit? These were some of the questions addressed by an industry panel at the Venture Capital & Private Equity Conference held February 4 at Harvard Business School, and moderated by Professor Nabil N. El-Hage.

According to New York-based Freeman & Co., private equity represented 7 percent of hedge fund investments last year, or about $65 billion. That figure could go north of $100 billion this year.

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ANALYSIS-Hedge funds eye cheap equity by buying risky debt

February 14, 2006
From Reuters:
 Hedge funds are looking for opportunities to gain control of European companies through buying ever riskier debt and waiting for debtors to fall into difficulty.

A common tactic for high-risk investors, who are sometimes termed vulture funds, is to target the debt of financially strapped companies with half an eye on a default and then impose a debt-for-equity swap.

Such investors are often shut out of more-secured senior debt by banks unwilling to sell, but there is more open access to less-secured junior debt.

Hedge funds are now poised to strike as the portion of junior debt increases and total lending reaches record levels, raising the spectre of the next downturn.

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A revolution is expected, but can hedge funds take over the world?

February 13, 2006
From The Lawyer.com:
 Hedge funds are encroaching on what has traditionally been the hunting ground of private equity funds. Merrill Lynch chairman for Europe, the Middle East and Asia Bob Wigley sparked a heated debate at the end of last year about such convergence, stating that hedge funds were targeting what was traditionally the buyout firm's turf in Europe after testing the ground in the US.

But while hedge funds' involvement may signal an intention to take a more controlling interest in the companies they invest in, it may not turn out to be the revolution that was feared (or exalted).

It is also unlikely to be the gift horse many law firms unaccustomed to the private equity market hope. Despite hedge funds' image as operating on the edge of acceptable practice, they actually tend to favour established, heavyweight law firms such as Allen & Overy (A&O).

Over the past three years, the hedge fund market has witnessed exponential growth, with 8,000 funds now estimated to manage around $1tr (£570.39bn) of assets globally. But this growth has brought increased competition, which has seen hedge funds' returns pale in comparison to those of private equity funds.

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Equity hedge funds beat stocks in January

February 9, 2006
From Reuters UK:
 Hedge funds which trade stocks and those that bet on financial market trends started the year with strong returns of nearly 4 percent, above the gains seen on equity markets, French business school Edhec said on Wednesday.

Long/short equity hedge funds, those that buy and short sell -- bet on a lower price for a security in the futures -- returned on average 3.93 percent in January compared with 3.16 percent for the MSCI index of world stocks.

"Equity markets generally rose in January," one hedge fund analyst said. "Hedge funds did better because they picked the right ones to be in and managed to beat the average stock market rise."

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Hedge fund investors moving to stocks

January 29, 2006
From International Herald Tribune:
 Investors planning to put money into hedge funds, frustrated this year by the lowest returns in three years, are allocating more of their money to managers who bet on stocks and economic trends because they expect them to post the biggest gains in 2006.

"Global macro will produce the highest returns, followed by equity hedge funds," said Luis Rodriguez, head of risk management at Manhattan Family Office in New York, which invests more than $1 billion on behalf of an unidentified wealthy family. He expects returns from both strategies to exceed 8 percent next year.

Equity hedge funds posted an average return of 8.2 percent in the first 11 months of this year, according to data compiled by Chicago-based Hedge Fund Research. Macro funds, whose managers evaluate global economies to decide what stocks, bonds, currencies and commodities to buy, climbed 5.9 percent.

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Equity hedge funds seen shining in 2006

January 26, 2006
From Reuters:
 Hedge funds that trade equities in Europe and Asia are expected to deliver the best performances this year as healthy economic growth in these regions boosts share prices further, investors said.

Strong balance sheets and the likelihood that takeover activity will accelerate this year will provide profitable opportunities for hedge funds, as will sifting through corporate reports to find undervalued or overvalued companies.

"Equity markets right now have a positive momentum and given the generally benign economic environment, there are a lot of opportunities in equity markets," said Gavin Rankin head of investment analysis in Europe at Citigroup Private Bank.

"There are good opportunities in activism and in M&A ... People expect that to continue."

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Private Equity Hot, Hedge Funds Not

January 26, 2006
From Reuters:
 Investors are hot on private equity funds and getting hotter, while their enthusiasm for hedge funds has cooled somewhat, according to a poll by Coller Capital. The New York-based investment firm found that 44% of limited partners surveyed plan to increase their allocations to private equity, up from 30% just six months ago, while only 30% expect to put more money into hedge funds, down from 37% in July. The survey also found that they are working more aggressively to find winning strategies, with 56% now saying they would not "re-up" with their current managers, a nine point increase from a poll six months ago.

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Buyout vet Lee says hedge funds boost private equity

January 25, 2006
From Reuters:
 The increasing presence of hedge funds onto private equity turf works in favor of buyout funds, Thomas Lee, the billionaire, founder and namesake of private equity firm Thomas H. Lee Partners, said on Wednesday.

"I think you will see more hedge funds and private equity firms working together," Lee told Reuters on the sidelines of a Dow Jones Private Equity Analyst conference.

"Not only do hedge funds supply money to companies, but activist hedge funds tee-up companies for private equity."

Hedge funds have become key corporate lenders and have helped gobble up private equity-backed IPO shares.

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More foreign private equity to flow in 2006

January 18, 2006
From The Financial Express:
 India is expected to see foreign private equity investments to the tune of $1.5-2 billion in 2006. At least a dozen new private equity players are set to initiate their presence in India. Besides the top private equity players, a new set of investors, primarily hedge funds through their private equity funds are also set to storm the country.

The who’s who of hedge fund private equity players such as Tiger, Och-Ziff Capital Management Group, TPG Axon and Farallon Capital Management have started deliberating about investing in Asia Pacific companies including India.

Among the long term private equity investors KKR, Apex and Bain Capital are said to be weighing options. India has become a hot destination for foreign funds given the exemplary growth rate it has been registering. “We expect private equity funds to invest up to $2 billion in the current year in sectors as varied as real estate, information technology, infrastructure and construction,” Vishal Kampani, executive director and head corporate finance, JM Morgan Stanley said. India also offers excellent exit opportunities to the funds that invest in companies. “Not only there is a vibrant secondary market as an exit route but mergers and acquisitions also offer a strong route to unlock the value of investments,” said Gokul Laroia, managing director, Morgan Stanley.

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Madison thinks the world of partners

January 17, 2006
From The Chicago Tribune:
 On the surface, it might seem that Madison Dearborn Partners LLC has its work cut out for it.

Trying to raise $5 billion for its fifth and latest fund, the Chicago-based private equity firm has a goal of generating more than 20 percent of the dollars from new investors.

So what's a buyout firm to do when it already is a big kahuna in U.S. private equity circles but wants to fatten its stateside-heavy Rolodex with the names of new investment superpowers?

It goes international.

For the first time, Madison Dearborn is scouring the globe for limited partners, recently dispatching teams to Australia, Japan, the Middle East and Europe, according to a person familiar with the plan.

It couldn't be knocking on overseas doors at a more opportune time.

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U.K., Germany Open Hedge Fund Investing to People With EU124

January 10, 2006
From Bloomberg:
 Hedge funds, loosely regulated investment pools designed for people worth more than $1 million, are becoming available to Europe's not-so-rich.

In Germany, investors can buy into a hedge fund from Deutsche Bank AG for as little as 124 euros ($150). In the U.K., individuals are able to avoid restrictions on such investing by buying shares of funds that track hedge funds. Regulators in the U.K. and Spain are considering opening the industry to more individual investment.

Hedge funds worldwide have more than doubled their assets since 2000 to about $1.1 trillion, according to Chicago-based Hedge Fund Research Inc. They tend to take larger bets than conventional funds, aiming to make money in falling as well as rising markets.

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Bexley set for private equity, hedge fund tender

January 4, 2006
From The Washington Post:
 Bexley Council Pension Fund will launch a tendering process in the next week for its first private equity and hedge fund mandates amounting to 5% of the scheme’s assets.

The two fund of fund mandates will be split equally with a 2.5% investment in hedge funds and 2.5% ploughed into private equity.

According to a council spokesperson: “Interest has been shown following the Pensions Committee decision to tender for these mandates.”

The decision to move away from the fund’s initial 60/40 equity/bond split was prompted by an asset liability study conducted by Mercer last year.

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See also: Equity Hedge Investing Related Books, Equity Hedge Investing Related Scholarly Papers, or Equity Hedge Investing Home Page.
 
News Books Scholarly Definitions

 
HEDGE FUND RISK AND OTHER DISCLOSURES
Hedge funds, including fund of funds (“Hedge Funds”), are unregistered private investment partnerships, funds or pools that may invest and trade in many different markets, strategies and instruments (including securities, non-securities and derivatives) and are NOT subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardized pricing and valuation information to investors. There are substantial risks in investing in Hedge Funds. Persons interested in investing in Hedge Funds should carefully note the following:
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  • A Hedge Fund may use a single advisor or employ a single strategy, which could mean a lack of diversification and higher risk.
  • A Hedge Fund (for example, a fund of funds) and its managers or advisors may rely on the trading expertise and experience of third-party managers or advisors, the identity of which may not be disclosed to investors
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  • A Hedge Fund may execute a substantial portion of trades on foreign exchanges or over-the-counter markets, which could mean higher risk.
  • A Hedge Fund’s fees and expenses-which may be substantial regardless of any positive return- will offset the Hedge Fund’s trading profits. In a fund of funds or similar structure, fees are generally charged at the fund as well as the sub-fund levels; therefore fees charged investors will be higher that those charged if the investor invested directly in the sub-fund(s).
  • Hedge Funds are not required to provide periodic pricing or valuation information to investors.
  • Hedge Funds and their managers/advisors may be subject to various conflicts of interest.
The above general summary is not a complete list of the risks and other important disclosures involved in investing in Hedge Funds and, with respect to any particular Hedge Fund, is subject to the more complete and specific disclosures contained in such Hedge Fund’s respective offering documents. Before making any investment, an investor should thoroughly review a Hedge Fund’s offering documents with the investor’s financial, legal and tax advisor to determine whether an investment in the Hedge Fund is suitable for the investor in light of the investor’s investment objectives, financial circumstances and tax situation.

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