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."


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this race. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.