Galileo Chases ‘Pink Dollar’ With Gay- And Lesbian-Focused Hedge Fund

Feb 3 2010 | 12:53pm ET

Galileo Capital Management has been nothing if not busy this year. The newly-founded firm, which last month promised as many as four hedge fund launches in the first half, plans to launch a hedge fund focusing on the gay and lesbian consumer products and services sector.

London- and Hong Kong-based Galileo has set up a subsidiary, LGBT Capital, which, in addition to the planned hedge fund, will offer corporate advisory and business development services to LGBT consumer companies. The firm said it has found a need for advisory and capital-raising services in the sector.

“LGBT‐oriented business owners often have the desire to expand but also frequently lack the expertise, correct capital structure or know–how to access funding” Galileo co-founder Paul Thompson said. “We believe there is a significant opportunity to provide the financial expertise typically found within an investment banking context to LGBT companies, which in turn would allow quality companies to secure funding.”

Thompson added that there is investor demand for a diversified investment product specializing in the LGBT space that the hedge fund will seek to fill.

“We expect there to be a significant increase in LGBT‐oriented companies in the developing markets, coupled with greater openness within the developed markets. This will provide significant opportunities for corporate activity, including cross-border investment opportunities requiring industry specialists,” Thompson said.

Thompson was head of Prudential’s asset management joint-venture in China—he was the first foreign CEO of a Chinese asset management company. Before joining Prudential, he worked at Goldman Sachs. His partner, Anders Jacobsen, has worked at Chase Manhattan and Bankers Trust, and has run his own Galileo Consulting firm since 2004.


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