Blackstone To Co-Invest US$50 Million With Senrigan

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.


In Depth

Q&A: SkyBridge’s Anthony Scaramucci Readies For Wall Street Week Debut

Apr 16 2015 | 12:56pm ET

Anthony Scaramucci, founder and managing director of asset management firm SkyBridge...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Minnesota Supreme Court Rejects The Ponzi Scheme Presumption: Lenders Claw Back Some Of Their Own Rights

Apr 17 2015 | 9:23am ET

A recent court ruling in Minnesota has put an end to the Ponzi Scheme Presumption...

 

Editor's Note