Vega Global Fund and Banco Santander veteran Ravi Mehra is launching a fund to snap up distressed hedge fund assets from institutional investors looking to rid their portfolios of illiquid hedge fund holdings.
Mehra, former managing director in charge of non-traditional asset management at Santander and founder of Vega, is teaming up with Jesús Saá Requejo, a fellow Banco Santander alumnus, to launch the Sapphire Global Fund, which will be listed on the Irish Stock Exchange. The fund will buy at a discount shares in hedge funds that have stopped or restricted redemptions from funds of hedge funds and other institutional investors. It will also invest in equities, convertible bonds, commodities and other structured products.
“The ability to buy these super-illiquid assets at once-in-a-lifetime discounts and, where appropriate, hedge out some market based exposure, will be the mantra of the new titans of the industry,” said Mehra, in an interview.