Cogent Preps Equity Long/Short Hedge Fund

Nov 14 2007 | 8:28am ET

Fairfield, Conn.-based Cogent Asset Management is prepping the Madison Street Opportunities Funds to launch on Jan. 1. The onshore vehicle and its offshore hedge funds will employ a value-oriented long/short equity strategy.  

Concurrently, the firm is soft closing its existing long/short hedge funds, Madison Street Fund LP, Madison Street Fund QP, and Madison Street Portfolio, because of “the way the markets are have resulted in a high amount of cash, and the new strategy is going to have larger position sizes with less opportunistic trading, or short-term trading, so they’ll hold less cash,” said founding principal Glen Beigel.

Beigel said the firm hasn’t set a target for the new funds because it wanted to put together products with higher capacities than its existing offerings that couldn’t accommodate large funds of funds groups.

The firm currently manages some $250 million in total assets in hedge funds and managed accounts. Its flagship $104.5 million Madison Street Fund has a 45-month track record with an annualized return over 20% with a standard deviation under 5%, according to the firm.

The Madison Street Opportunities Funds charge a management fee of 1.5% and an incentive fee of 20% with a minimum investment requirement of $1 million.

Beigel, a former founding member of Olympia Capital Associates, and his partner, Robert Doberle established Cogent in March 1999 to act as an independent consultant and marketer to the hedge fund industry.

 


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