Barclays Beneficiaries To Launch Multi-Strat Credit Hedge Fund

Jul 8 2010 | 10:55am ET

C12 Capital Management, the hedge fund firm that debuted last year when it bought more than $12 billion in toxic assets from Barclays, primarily with Barclays’ own money, is set to launch its first hedge fund for outside investors.

The New York-based firm, founded by 45 former Barclays bankers led by Stephen King and Michael Keeley, plans to launch its Helix Liquid Opportunities Fund in the fall, Hedge Fund Alert reports. The firm will begin marketing the fund, its third, to outside investors shortly.

Helix will mirror C12’s existing Protium Liquid Opportunities fund, which manages about $650 million in firm and partner capital. The multi-strategy credit vehicle is up 6% this year, investing in corporate debt, commercial mortgage-backed securities and foreign exchange.

Investors interested in the new vehicle will have two options: Invest a whole lot and get a fee break, or invest a lot and pay the full fare. C12 is offering a “founder’s” share class, according to HFA, which features half the regular fees but has a $10 million minimum investment requirement. Regular share-class holders will pay the full 2% for management and 20% for performance, but only have to pony up $2 million.

From its original base of 45 Barclays veterans, C12 has almost doubled in size, and now employs 80 people in New York and London.

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