PCE To Launch $100M Seeding Hedge Fund

Mar 5 2008 | 1:00am ET

London-based PCE Investors, a seeding platform for hedge fund managers, has big plans this year following a majority investment by Canadian private equity firm Ubequity Capital Partners last month.

Under the deal, Ubequity bought a controlling stake in PCE from the Schneider Group, a trading services firm, and injected a large amount of capital to help build out PCE’s marketing operations and open new offices in Toronto, New York and Switzerland. It will also launch a $100 million fund of hedge funds in the third quarter that will provide seed capital to managers on the PCE platform as well as fund new investments.

According to Sam Morse, who works in the firms’ fund development and marketing unit, the new seeding fund is “contingent on getting the teams that we want in place so we’re not in an enormous hurry.” Morse said the platform, which currently has 15 funds and 11 management teams, plans to launch four more hedge funds over the next six months. He declined to provide further details.

The new New York office is set to open within the next three or four months, and will serve as a hedge fund hotel for emerging managers. The main difference between PCE and the traditional U.S. hedge fund hotel model is that it will not operate on soft-dollar arrangements, according to Morse.

PCE was co-founded by Christopher Day in 1998 and currently represents over US$1.4 billion in hedge funds assets.


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