Galena Plans To Double Assets To US$4 Billion

Nov 7 2011 | 1:18pm ET

Commodity hedge fund Galena Asset Management hopes to more than double its assets under management over the next two years, increasing the size of its current funds and launching new ones, including its first private equity fund.

The US$1.8 billion asset management arm of Trafigura, which moved the hedge fund to Geneva, Switzerland, earlier this year, aims to manage in excess of US$4 billion two years from now.

"At the moment, liquidity is transferring from banks to others such as commodity traders and hedge funds," Galena CEO Jeremy Weir told the Financial Times. "If the banks are in a distressed situation and need to sell assets, then there will be some opportunities."

To capitalize on those opportunities, Galena plans to open its new macro fund to outside investors in January and to launch a mining-focused private equity fund in the first quarter. Galena plans to seed that fund with US$100 million and to raise an additional US$400 million over the next few months.

Galena has even bigger plans for the macro fund, which debuted last year with seed capital from Trafigura. Weir told the FT that it could raise up to US$1 billion.

Galena also plans to raise US$300 million before the end of the year for its commodity trade finance fund.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...