Thursday, 7 May 2015
Last updated 12 hours ago
Mar 24 2006 | 12:00am ET
Iron Horse Capital Advisors is gearing up to launch its first hedge fund, a long/short fund-of-funds, on May 1, and is not charging a performance fee. Instead, the Texas-based firm will charge a flat, 1% fee for management, and is able to do so because the firm has negotiated discounted fees with the underlying managers, according to Melanie Hutson-Bittone, head of marketing for the firm.
The Iron Horse Fund will invest with 7-12 niche funds. “We are investing in long/short hedge funds where the managers have a specific expertise in a specific industry,” Hutson-Bittone said. The new offering is being managed by Eric Kottke, who founded Iron Horse in 2002 as a hedge fund search and placement firm.
Hutson-Bittone said that the firm is currently reviewing possible underlying managers, but has already made some commitments, including an agreement to invest with two “popular” hedge funds that are closed to new investors.
The fund is targeting registered investment advisors with highnet- worth and institutional clients. It will hold a soft close at $15 million and a final close at $25 million. The minimum investment is $500 thousand and there is a 90-day lockup period.
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…