Zebra Launches Fund For Permal, Plans Own Offering

May 21 2010 | 9:47am ET

Zebra Capital Management is showing its stripes with a pair of launches.

The Milford, Conn.-based fund is managing a $23 million global long/short equity separate account for fund of hedge funds Permal Group. That vehicle began trading on Monday, Pensions & Investments reports, using a long/short version of Zebra’s earnings-based global liquidity strategy.

Next month, the firm plans to launch a commingled version of that strategy. The new hedge fund will debut on June 1 with between $10 million and $15 million in seed capital.

The Permal fund is aimed at European and Asian investors, and its UCITS III-compliant.

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