Philadelphia-based Persimmon Capital Management has launched a mutual fund of hedge fund strategies.
The new Persimmon Long/Short Fund debuted with $25 million in assets and six subadvisors. The underlying managers are M.A. Weatherbie & Co., Sonica Capital, Open Field Capital, Caerus Global Investors, Turner Investments and ISF Management.
"Our experience strongly suggests that long/short equity can be a compelling complement or alternative to traditional equities in an asset allocation model," CEO Greg Horn, one of the new fund's three portfolio managers, said. "Short-selling has the ability to offer a return source and risk-management tool that is unavailable to long-only equity managers."
The new fund has two share classes, a retail class with a $2,500 minimum investment requirement and an institutional class with a $100,000 minimum investment requirement.