Absolute Return Debuts Second Fund of Hedge Funds

Jan 10 2008 | 10:29am ET

U.K.-based Absolute Return Partners this month launched another fund of hedge funds vehicle, a follow-on vehicle to its Millennium Wave Fund, which launched in March 2006. The Millennium Wave II Fund launched with US$60 million in seed capital from a large northern European pension fund, as well as from the firm.

Fund II will follow exactly the same investment strategy as its predecessor, ultimately investing in 15 to 20 underlying managers. Each of the fund’s underlying managers must seek to deliver a return of at least 10% to 12% annually; to enhance its expected returns, the fund will use leverage of an average of 50% to 100%, subject to market conditions. There is no underlying manager overlap between the existing fund and the new offering, according to the firm.

Millennium Wave Advisors, which is headed by John Mauldin, will act as a sub-advisor to the fund.

“We are excited to launch this sister fund to The Millennium Wave Fund and to continue the successful co-operation with John Mauldin whose immense network we consider a major asset,” said Niels Jensen, chief executive of Absolute Return Partners.

Absolute Return currently manages some $400 million in total assets under management.

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