Thursday, 28 August 2014
Last updated 4 hours 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...