Globefin US Advisors last week launched a new asset-based lending-dedicated fund of hedge funds. The Cannonball Stability Fund debuted with more than $16 million in assets and will exceed $24 million by Feb. 1, according to the firm, which hopes to ramp up its assets to $100 million by the end of the year.

The fund invests in over 20 single-manager hedge funds that engage in the origination and holding of private loans and secured against specific assets. Cannonball invests in numerous sub-strategies such as corporate secured lending, insurance lending, consumer finance and accounts receivable finance.

Andrew Hoffman, who joined the firm from Asset Alliance, will manage the fund from the firm's New York office.

Globefin US Advisors is part of the Globefin Asset Management Family, which manages assets in excess of $600 million in three other funds of hedge funds.