RCG Preps Global Fund Of Hedge Funds

May 21 2007 | 8:04am ET

Alternative asset management shop RCG Capital Advisors is gearing up to launch a global equity long/short fund of funds in the third quarter. The new hedge fund offering will start out investing with about 20 managers, each of whom typically has a track record of two or more years, so emerging managers need not apply.

The firm is aiming to raise $100 million for the new vehicle, RCG GELS, by year’s end.

“Our [existing] multi-strat fund of funds has had a 40% allocation to equity long/short since it was formed in 2003, so this is essentially lifting that track record of those managers and creating a stand-alone fund,” said Ken Phillips, founder of the firm. “We will also include some new managers in the mix and we’re going to target a slightly higher volatility for the product.”

RCG GELS’ fee structure has yet to be determined, but “we’re thinking of being fairly aggressive in our pricing in order to attract institutional-type money,” said Phillips.

Phillips, the founder and former CEO of institutional consulting firm Portfolio Management Consultant, founded RCG in 2003. The firm currently manages two multi-strategy funds of hedge funds and has some $140 million in assets under management.

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