Sunday, 30 August 2015
Last updated 1 day ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…