Sydney, Australia-based Jana Investment Advisers has launched a multi-manager hedge fund seeded with A$300 million (US$264.2 million). The Jana Triplepoint Fund is only open to institutional investors.
Underlying managers will be selected by Jana—which is not related to the San Francisco activist hedge fund manager Jana Partners—and detailed manager research will be conducted jointly by both Jana and Partners Group, the Swiss global alternative asset manager. Jana will structure its new offering in managed account formats to address investor concerns reacted to the lack of transparency and liquidity of fund of hedge funds.
“Partners Group offers a fantastic managed account platform, with sophisticated risk management and high levels of both liquidity and transparency,” said Michael O’Dea, a principal at Jana. “In addition, by requiring the use of managed accounts, rather than investing in co-mingled pools, we have addressed the issues of transparency and risk management.”
The Triplepoint Fund is looking to deliver an expected return of cash plus 5% per annum (post fees, pre-tax) over a five-year period with a volatility of around 6% per annum.
Jana was acquired by the National Australia Bank group in December 2000. The firm managed some A$6.9 billion (US$6.1 billion) as of the end of September.