London-based fund of funds operator Coronation International has launched the Prism Fund, an Irish-domiciled multi-strategy vehicle, with initial capital of US$15 million.

Prism will feature a concentrated set of 15 to 20 positions representing a variety of asset classes including equities, bonds, property, alternatives and cash, Hedgeweek reports. Its performance is measured against a composite benchmark based on these classes, consisting of the HFRX investible hedge fund index, three-month U.S. Treasury bills, the MSCI World Index, the Barclays USD Global Property Index and the Citigroup World Bond Index.

The fund offers monthly liquidity and monthly redemptions. The management fee is 1.5% and the performance fee is 10% over hurdle. The minimum investment is €250,000.

Coronation was established in Dublin in 1996 and manages US$1.6 billion in alternative and long-only funds of funds.