UCM Seeks $500 Million For New Long/Short Hedge Fund

Aug 10 2010 | 11:47am ET

Union Capital Management’s new hedge fund has been in the works for more than a year. But the Philadelphia-based firm is just now ready to begin fundraising for the vehicle, and is looking to raise $500 million, according to a regulatory filing.

The UCM Union Delta Fund is a long/short equity fund, focusing on U.S. technology, healthcare, consumer and industrial companies. According to yesterday’s Securities and Exchange Commission filing, UCM has yet to raise any money for the new fund.

The Delta fund has a minimum investment requirement of $250,000. Goldman Sachs will serve as prime broker.

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