Sunday, 29 March 2015
Last updated 1 day ago
Oct 12 2006 | 3:25pm ET
Glacier Bay Capital, a new San Diego-based firm founded by three New York hedge fund vets, is off to a strong start with its first hedge fund.
Glacier Bay Partners launched on July 1 (FINalternatives 5/12) with $40 million, and is already up to $46 million on the strength of a 7% net return in its first quarter. The concentrated portfolio includes 15 to 25 long positions and a similar number of shorts, but does not focus on any particular sector.
“We’re all generalists,” Matt Turk says of himself and his partners. “But we focus on sectors and industries that lend themselves to good research.”
Prior to moving to San Diego, Turk was with Brahman Capital. His partners, Adam Leitzes and Josh Solan, worked at O.S.S. Capital and Glenhill Capital, respectively.
“We wanted to start a really research-intensive fund focusing on small and undiscovered companies,” Turk says. “We’re trying to get an edge as opposed to more of a macro perspective.”
Turk says the firm’s “slow and deliberate” fundraising will target institutional investors. “Ideally, we are looking for strategic investors who can help with our research,” Turk says, “so the best investors are industry people.” Currently, investors include institutions, funds of funds, family office and high net-worth investors.
The fund charges a 2% management fee and 20% performance fee. Goldman Sachs is the prime broker.
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…