StoneWater To Launch Emerging Manager FoFs In Q1

Dec 1 2005 | 9:49pm ET

New York-based fund-of-hedge funds manager StoneWater Capital is gearing up to launch a long/long-biased domestic equities fund in the first quarter of 2006.

John Santoleri, manager of the new fund and a general partner at StoneWater, said he will invest with 10 emerging managers, each of whom has less than $200 million in assets under management.

"We look to invest in managers who think like private equity investors," said Santoleri, who joined StoneWater at the beginning of the year after 15 years at Warburg Pincus, where he was responsible for private equity investments.

The emerging manager fund will have a 1% fee with an undisclosed carryover hurdle. The lockup period has yet to be determined.

"The edge that we have is that we, as partners, have 10 to 20 years in the private equity business," said Santoleri, who points out that the partners at StoneWater have $40 million of their own funds invested alongside their client's money.

StoneWater, founded in 2004 by former partners at Warburg Pincus, manages approximately $175 million, including $50 million in Asian investments and $125 million in domestic funds.

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