After a dozen years in the alternative investments industry, Gena Lovett has launched her own fund of hedge funds shop targeting major institutional investors.
Lovett, who remains a principal and chief operating officer of Alexandra Investment Management, where she manages the firm’s day-to-day non-investment activities, has founded New York-based Little Wolf Capital. Lovett is less concerned with how underlying managers choose to run their money—Little Wolf will be a multi-strategy fund—than with who is running the money. The emphasis will allow the firm to focus on building a stable of talented emerging managers, especially firms owned by women and minorities.
“Research indicates that emerging hedge fund managers tend to outperform their larger, more established peers,” Lovett told FINalternatives. “Our goal for Little Wolf is to deliver superior returns to our investors, while at the same time increasing opportunities for exceptional emerging, women- and minority-owned hedge funds.”
In addition to fostering opportunities for such firms, Little Wolf is aiming to tap into an increasing demand among institutional investors—especially public pension funds—for women- and minority-owned and operated money managers.
New York-based Little Wolf is set to launch its maiden fund of funds in the fourth quarter, with plans to open it to outside investors at the beginning of next year. The firm is in discussions with major seeders, a spokesman for Little Wolf said. The fund will have a capacity of $500 million and will charge industry-standard fees.
Lovett, who grew up on a farm in Arkansas, has spent two decades on Wall Street. She launched her career at PaineWebber, before moving on to posts at BT Securities and NatWest Capital Markets. She joined Alexandra in 1998, rising to become the firm’s first African-American partner. Lovett is no stranger to the boardroom, having served on a number of corporate boards of directors during her career.
She’s also no stranger to philanthropy. Lovett is a member of 100 Women in Hedge Funds and serves on its CFO COO Peer Advisory Council. She has also served as president of the Junior League of New York City, which promotes volunteerism, and president of the Women’s Prison Association, a major advocacy group dedicated to helping women overcome their criminal pasts.
Lovett will be speaking at the event, State of the Hedge Fund Industry, which takes place Tuesday, September 14th in New York.