StoneWater Launches Multi-Strat Emerging Mkts. Fund Of Funds

Jun 17 2010 | 11:54am ET

New York hedge fund StoneWater Capital has launched its third fund, a multi-strategy multi-manager vehicle.

The emerging markets fund of funds currently has six underlying managers, focused on Asia and Latin America. The fund debuted on May 1 with $12 million in initial assets. reports.

StoneWater plans to begin marketing the vehicle in the fourth quarter. It features a “typical” fee structure and employs RBC as custodian and Apex Fund Services as administrator, chief operating officer Bucky Canales said.

The $130 million firm has big plans for the new fund, which it says could take in as much as $100 million over the next year. If it does, StoneWater plans to increase its stable of managers to as many as 15.

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