Friday, 27 March 2015
Last updated 4 hours ago
Jan 26 2006 | 7:41pm ET
California-based asset manager SoHo Capital Partners has recently launched its first hedge fund, a macro absolute return fund. Frank Troise, managing partner, described the fund as “a throw back to the old Soros, Steinhardt macro-fund.”
Troise said that SoHo, which he founded in 1997 and named after a neighborhood in his native New York, is a value-oriented investment firm, “so we have a large-cap and a small-cap product, and the hedge fund is an extension of that.”
Troise, who is not fond of the word “hedge fund,” said he decided to launch this type of vehicle because he wanted the flexibility to use various investment strategies, including going long and short and investing across asset classes.
“If we see something on the distressed side, we’ll participate in it, if we see something on the currency side, we’ll participate in it.”
The firm is currently managing money from individuals and family offices, and is open to taking in money from institutional investors, though Troise doesn’t see that happening any time soon.
“I’m a third party marketer fund-of-funds nightmare,” laughed Troise. “I have so many guys who sit down with me and ask what box we fit into, and I say, ‘we don’t.’”
Troise anticipates the fund will take in $200 million by year’s end. There is no firm target close, but Troise said, “the biggest constraint to growth would be keeping up our transparency.”
The fund, which has the ability to incorporate a significant amount of leverage, has a minimum investment of $250,000 and no minimum lockup. There is a 1.5% management fee and a 20% performance fee.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…