Illume-inating New Hedge Fund Ready For Launch

Apr 1 2010 | 9:35am ET

Nascent Connecticut hedge fund Illume Capital Management is set for its debut.

The firm is set to launch its maiden Illume Fund in the coming days with less than $100 million, HFMWeek reports. The multi-strategy vehicle will focus on volatility and long/short strategies, and will invest primarily in liquid options, convertibles and stocks.

The fund is the brainchild of chief investment officer Kevin Kulak, formerly of hedge funds DFS Capital Management and Amida Capital Management. He said the fund, which has a capacity of a few hundred million dollars, has attracted investments from high net-worth individuals and one overseas institutional investor.

The new firm charges 2% for management and 20% for performance, with a one-year soft lock-up. Illume’s minimum investment requirement is $250,000 for individuals and $1 million for institutions.

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