Monday, 25 May 2015
Last updated 3 days ago
May 5 2010 | 10:13am ET
With side-pockets getting some unwanted regulatory attention, one hedge fund says it has struck upon a better way of dealing with illiquid investments.
Gemini Strategies in 2008 split its flagship fund into a continuing fund and a redeeming fund, firm chief Steven Winters tells PIPEwire. Winters said that the “simple and fair” solution has allowed him to return some 80% of the assets in the winding-down fund to redeeming investors—earning them an 18% return in the process—while managing the continuing fund to a 26% return last year.
“We made no new investments for the redeeming investors and have been pushing cash to them as quickly as possible,” he said. “This segregation allowed us to meet the competing interests of both types of investors: redeeming and non-redeeming.”
Winters said he expects to get redeeming investors the rest of their money back by the end of the year.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…