Bulldog Tests Offshore Waters

Dec 1 2006 | 3:47pm ET

Saddle Brook, N.J.-based Bulldog Investors is launching a yet-to-be-named Cayman Islands-domiciled version of is activist Full Value Partners fund in January. The new vehicle will launch with some $10 million in initial equity.

The fund is a combination of its Opportunity Partners and Full Value Partners predecessors whereby it will invest in closed-end funds and operating companies trading below its intrinsic value, according to co-founder Steven Samuels.

“I think the combination of investing in closed-end funds and operating companies is unique because a lot of times we’re finding it difficult in the operating world to find opportunities so instead of pushing things too much, it is very attractive in the closed-end area,” said Samuels.

The new offering charges a 1% managment fee and a 20% performance fee with a $1 million minimum investment .

Since inception in 1993, Bulldog’s Opportunity Partners has netted returns of 16.7% and its Full Value Partners is up 18.4% since Oct. 1, 2001, according to Samuels. The firm, which was founded by Samuels and Phillip Goldstein, is currently managing some $350 million in total assets. 

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