MD Sass Restarting Seed-Capital Program

Attracted by what it sees as an opportunity-rich environment, M.D. Sass is getting back into the seed-capital business.

The New York asset manager’s plans call for routine backing of a range of alternative-investment firms, including hedge fund managers and operators of real estate, private equity and liquid long-only equity vehicles. It just started hunting for its next deal...

Sequoia Capital sets up hedge fund for China tech investment

Silicon Valley-based venture capital firm, Sequoia Capital, is reportedly set to establish three new hedge funds for its China arm designed to invest in Chinese tech companies.

According to the Wall Street Journal, Sequoia China’s new unit will be led by founder and managing partner, Neil Shen, and will have at least US$300 million in initial capital.

Three executives from rival firm, Hillhouse Capital Group, have also been recruited to run the new hedge fund...

Bridgewater’s Year of Losses, Withdrawals and Uneasy Staff

Ray Dalio is having a very bad year.

So very bad, in fact, that the billionaire risks losing his coveted title as king of hedge funds.

Dalio’s $148 billion Bridgewater Associates has run up hefty losses this year, even as rivals have minted money in the topsy-turvy markets. The damage as of August: an 18.6% drop in the flagship Pure Alpha II fund.

Those losses, the worst in a decade, top a sprawling list of troubles that has plunged Bridgewater into a round of crisis management, according to more than 25 people with knowledge of the firm’s inner workings...

Global Hedge Funds Miss Out to China Rivals as Stocks Boom

Global hedge funds seeking to tap China’s $9 trillion wealthy investor market are getting left behind as their local rivals attract the lion’s share of new money amid the biggest stock rally since 2015.

The 28 foreign private fund managers including Bridgewater Associates LP registered 18 new funds this year, fewer than half of last year’s tally, according to data compiled by Shenzhen PaiPaiWang Investment & Management Co. Their combined assets under management grew by about half the 7 billion yuan ($1 billion) increase posted by one of China’s largest quantitative hedge funds alone...

Hedge Fund Inside Biggest Norway Bank Reveals Junk Bond Bet

Inside the biggest bank in Norway, a hedge fund is going over the bond issuers that lost their investment-grade status during the Covid crisis.

One of the strategies at DNB ASA’s Multi Asset fund is to identify so-called fallen angels and place bets on those that appear to have been unfairly demoted to high yield earlier this year.

“It’s a strategy that picks up risk premia in the fallen angels segment,” Anette Hjerto, who runs the fund from Oslo, said in an interview. “There will be good opportunities going forward after what has happened during the corona pandemic...”

 

Evanston Capital readies opportunistic credit FoHF

Multi-manager firm eyes opportunities in corporate distressed debt...

Lombard Odier alts arm plans to ride macro rebound

Alts division CEO also has sights set on Asia long/short strategies....

$26 billion Coatue is down one of its top alternative-data buyers after the firm’s quant fund that relied heavily on the unique datasets was rocked by market volatility earlier this year

Maverick Capital’s Sharp Rebound

Maverick Capital posted strong gains in August, showing a remarkable reversal of fortune since posting huge losses in the first quarter.The firm’s main long-short fund rose 3.5 percent in August. It is now up 9.5 percent in the third quarter and nearly 16 percent for the year after losing 13.2...

Echo Street to Return Hedge Fund Cash, Focus on Other Strategies

Echo Street Capital Management is giving back investor money in its $2 billion market-neutral hedge fund.

The firm will continue its long-only fund, which holds about $6 billion and is likely to close to new investors in the coming months, said a person briefed on the matter, who asked not to be named as the information is private.

The hedge fund will return 90% to 95% of its capital on Oct. 1, according to a document viewed by Bloomberg. Clients will be asked to decide around the week of Sept. 21 whether to redeem the cash or reallocate it into either of two other funds...