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.

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