Monday, 30 March 2015
Last updated 2 days ago
Mar 25 2011 | 1:04pm ET
Makena Capital Management, bowing to the needs of its most important investors, has launched a new hedge fund with easier redemption terms than offered by its five-year-old flagship.
The Menlo Park, Calif.-based firm said its new Liquid Endowment Fund will allow clients to get one-third of their money out within a quarter, and all of it within two years, by avoiding illiquid investments. The firm's main fund has a two-year lockup and redemption terms that could keep some of a client's money tied up for eight years.
"The big driver for this portfolio was that our clients were coming to us and wanted something that allowed for more flexibility," chief investment officer Eric Upin told Reuters. Makena, founded by former Stanford University endowment chief Michael McCaffery, has a long roster of college and university endowment clients.
"These type of clients have very long time horizons but they also face liabilities," Upin explained.
The new fund has already attracted $300 million, both from existing and new investors. Makena manages some $13 billion overall; it was the largest-ever hedge fund launch, with $7 billion, at the time of its debut.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…