Finvest Launches Multi-Strat Emerging Manager Fund

Jul 19 2007 | 2:20pm ET

New York-based Finvest Asset Management has launched the Finvest Yankee Fund, a $250 million multi-strategy hedge fund with exposure to emerging managers. The firm is looking to raise $2 billion for the new offering.

The Yankee fund utilizes a proprietary risk model dubbed Profit Opportunity and Profit Sharing that “aims to reduce risk by allocating to proven technologies, and by ensuring transparency using a managed account structure,” according to fund documents. 

“We are not a fund of funds, but rather a multi-strategy fund,” founder Gad Grieve told FINalternatives, in spite of its strategy of employing sub-advisers. “We look to allocate capital to emerging managers through our managed account model, which is held in-house.”

Strategies in the POPS platform includes just about everything save the kitchen sink: convertible arbitrage dedicated short-bias, emerging markets, equity market-neutral, merger arbitrage, distressed and high-yield, credit arbitrage/capital structure, fixed-income arbitrage, long/short equity, macro, managed futures/CTA, multi-strategy and event-driven.

The Yankee fund has already invested in 10 emerging managers, and plans to allocate to another eight to 10 next month. It charges a 1% management fee and a 10% incentive fee and has quarterly redemptions with 30 days notice. Its minimum investment is $1 million.

The firm also currently manages the $120 million Finvest Primer Fund, which focuses on writing out-of-the-money put options and profit from the time decay of premium. Overall, it manages some $400 million in several single-strategy hedge funds.


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