Black Card Strikes Gold With Hybrid P.E. Fund, Decides To Stay Open

Oct 18 2006 | 12:56pm ET

Earlier this week, Black Card Global Investment said it was going to close to new investors after reaching the $150 million target for its new hybrid private equity fund less than a month after launching. However, portfolio manager Adam Antoszewski has decided to keep the fund open and has not set a new target close.

“I am quite honestly stunned,” said Antoszewski. Last month, he told FINalternatives he expected the fund to reach $150 million after about a year, after which it would close. Now, after what he calls a “delightful” turn of events, closing the fund “definitely requires a rethink.”

“It seems crazy to close the fund, because we have just started generating interest,” he said. “I think the best thing to do is to allow it to grow organically and see what kind of level it stabilizes at."
                                           
The Private Equity Mortgage Fund launched on Oct. 1 with just $15 million, but Antoszewski hooked up with a sales director in Shanghai, who quickly lined up about a half-dozen high-net worth investors. The deal is set to be finalized by the end of the week.

“You’d be amazed at the amount of money in China right now,” Antoszewski says.

The PEMF’s investment strategy will not change due to the influx of cash, Dubai-based Antoszewski says. “We certainly have enough capital now to look after the deal flow that’s on the table,” he says.

Half of the fund will be used for mortgage financing, 30% for project finance and 20% will be invested in a New York-based hedge fund. The fund is targeting a 24.98% annual return.


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.