Tuesday, 29 July 2014
Last updated 47 min ago
Jun 6 2012 | 10:37am ET
Senrigan Capital has won a helpful vote of confidence from its seed investor.
The Blackstone Group has committed US$50 million to co-invest with the Hong Kong-based hedge fund. The new deal is on top of the US$100 million seed investment Blackstone made in the three-year-old fund and a US$50 million follow-on investment last year, which helped Senrigan breach the US$1 billion asset mark.
Blackstone's new investment comes at a difficult time for Senrigan, which lost 8.6% last year and is down 7.2% this year. It's also a deal for the alternative investments giant, as co-investments generally come with much lower fees than regular hedge fund investments.
And while Blackstone has made no money on its investments in Senrigan's funds, it has profited on the investment as the hedge fund's assets have soared. Blackstone is entitled to a cut of the firm's management fees thanks to its seed funding.
Senrigan, an event-driven fund, was founded by former Citadel Investment Group trader Nick Taylor.
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…