Levant Partners has launched its second hedge fund, with some help from a local foundation.
The Alexander S. Onassis Foundation, set up by the late Greek shipping magnate Aristotle Onassis, Jaqueline Kennedy Onassis’ second husband, has seeded the Athens, Greece-based firm’s Menander Fund.
Bust of the Ancient Greek playwright MenanderLevant launched the new fund with US$23 million in March, HFMWeek reports. The equity long/short fund focuses on European, Middle Eastern and North African mid-cap stocks. Menander has a long-bias with 20 to 30 stocks in its long book and 5 to 10 shorts. There is no sector focus.
Levant hopes to raise US$100 million for the fund—which has a US$400 million capacity—over the next year-and-a-half. The firm currently manages a total of US$110 million.
The Menander fund charges 2% for management and 20% for performance, with a US$1 million minimum investment requirement.
Goldman Sachs serves as prime broker.