Thursday, 24 July 2014
Last updated 2 hours ago
Aug 4 2011 | 1:42pm ET
Having almost doubled its investors' money over the past two years, Steadview Capital has launched a fundraising campaign to triple its assets under management.
Ravi Mehta, the founder of the US$33 million Hong Kong-based fund, told Reuters he'd like to be managing US$100 million within the next year. So far, increasing Steadview's assets under management by such multiples hasn't proven a problem, no doubt owing to its 92% return since its inception in July 2009.
Steadview, which was seeded by former Goldman Sachs (Asia) chairman and Soros Fund Management CEO Mark Schwartz, has increased its assets five-fold this year already. The fund, which managed just US$500,000 at launch, was running only US$1.8 million as recently as a year ago.
Mehta, formerly an analyst at Maverick Capital Management, said that Steadview is beginning to attract the interest of larger investors.
"We are just now hitting a point where funds of funds could invest," he told Reuters. "We are currently in later-stage discussions with some funds of funds, and are receiving interest from endowments and even insurance firms."
Steadview is a high-conviction, no-leverage vehicle, typically investing in between 12 and 15 ideas. The fund returned 38.6% in the year-ended June, and is up 12.9% in 2011 through July.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…