Pine Grove Refashions Credit Strat. As Mutual Fund Of Hedge Funds

Jan 24 2014 | 11:01am ET

Fund of hedge funds Pine Grove Asset Management has transformed its credit vehicle into a mutual-fund structure.

The Pine Grove Alternative Institutional Fund is a closed-end fund offering access to relative-value and event-driven managers, focused on credit.

"Continuing to invest in our underlying managers' flagship portfolios was extremely important to us when we constructed this vehicle," Pine Grove President Matthew Stadtmauer told HedgeWeek. "Since the new Alt Instl Fund acquired the assets of its predecessor fund, it will be one of the only '40 Act funds that benefits from a 16-year performance history."

"By focusing on credit strategies, we are offering investors exposure to managers who exploit market inefficiencies that most traditional long-only funds are not capturing," Pine Grove chief investment officer Tom Williams added. "Our portfolio construction is positioned to handle a potential rise in interest rates as the managers we allocate to usually display negative correlation to high-quality bonds."


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