Ascend Capital Partners, a new Greenwich, Conn.-based hedge fund firm, is shopping its maiden fund to prospective hedge fund seeders.
The multi-strategy Ascend Capital Fund invests in the equities, options and futures using quantitative, fundamental technical and opportunistic strategies, according to Rick Krollman, managing partner.
“Our strength is that we will try to allocate capital to the best strategy we feel that we can take the most advantage of at that particular moment,” said Krollman.
The fund, which is also looking at plays in the biotechnology and technology sectors, will make a run at commodities and fixed income arbitrage plays once it picks up more assets.
“There’s going to be continued opportunities in the biotech and tech areas for us. As the volatility starts to settle down a little bit, there are going to be good opportunities with the quant model as well. We’re kind of leaning towards emerging markets, especially China, right now,” said Krollman.
Krollman described the current fundraising market as “challenging” because he and his partners, Kamal Soor, formerly of Boston Securities Advisor, and Brandan Goyette, formerly of Goldman Sachs, are trying to sell an idea to investors without the benefits of a team-based return profile.
“We each have individual returns but we don’t have any returns we can market as a team. We’re kind of in a catch-22 because we’re asking investors to take a leap of faith but yet we don’t have any capital,” he said.