Jabre Preps Euro. Mid-Cap Hedge Fund

Nov 6 2007 | 7:28am ET

Hedge fund Jabre Capital, founded by a former star GLG Partners trader, is set to launch a European mid-cap hedge fund next month.

The JabCap Mangousta fund will be an open-ended long/short offering with a European mid-cap bias. It is expected to launch in early December and to raise as much as €500 million (US$725 million).

Geneva-based Jabre Capital was founded last year by Philippe Jabre in the wake of his receipt of the largest individual fine ever imposed by the British Financial Services Authority, for alleged insider-trading while at GLG. In spite of that rocky start, the firm’s three strategies—a multi-strategy hedge fund, a global equity absolute return fund and a global convertible absolute return strategy—have enjoyed fundraising success this year, with the multi-strat fund having added 10.5% since its February launch.

The Mangousta fund is helmed by GLG veteran Renaud Saleur, who ran a similar strategy at the London-based hedge fund.

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