Grosvenor Makes Nightscape First Seedling

May 9 2012 | 9:56am ET

A Citadel Investment Group veteran has won the backing of fund of hedge funds Grosvenor Capital Management.

Grosvenor's seed investment in Nightscape Capital more than doubles that firm's assets under management. Grosvenor agreed to invest $75 million in Nightscape's Global Value Fund, managed by former Citadel portfolio manager Nick Stukas, as part of its emerging managers program. Nightscape is the program's first beneficiary.

In exchange for its seed investments, Grosvenor is seeking a roughly 20% stake in management companies. It will also offer operational and marketing support.

Nightscape, a European-focused relative value and special situations fund, returned 7.78% last year.

Stukas worked at Sandelman Partners after leaving Citadel, helping establish the former firm's London office.


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