Read Microsoft Word - HFI - 2008 New Funds Survey release FINAL.doc text version

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Sophie Sophaon Walek & Associates 212.590.0522 [email protected] Michelle Celarier Editor, Absolute Return 212.224.3021 [email protected]

NEW HEDGE FUND LAUNCHES TOTAL RECORD $19.5 BILLION IN 2008's FIRST HALF Assets Up, Despite Number of Launches Dropping 50% Year-on-Year Top Five Fund Launches Amass 71% of Total Capital

New York, July 8, 2008 ­ The Absolute Return New Funds Survey, published in the July/August issue of Absolute Return magazine, shows that new hedge fund launches this year in the Americas totaled $19.5 billion, with the top five funds amassing $13.7 billion, for more than 70% of the total. The number of fund launches is down 50% from last year, highlighting the growing barriers to entry for start-up managers and indicating that large capital flows are continuing to go to established, brand-name firms.

According to Absolute Return, 35 new funds began trading with a total of $19.5 billion between January 1 and June 30, 2008. That's significantly more capital than in the same period in 2007, when 72 new funds launched with $14 billion. This year, five funds were formed with more than $1 billion each, in contrast to three funds that managed to surpass the billion-dollar mark in last year's first half. Long/short equity funds dominated, followed by funds that invest in mortgaged-backed securities and those pursuing distressed strategies.

The survey also reported that Goldman Sachs Asset Management amassed $8.1 billion of the $19.5 billion total with $7 billion in its Goldman Sachs Investment Partners, an equity long/short fund, and $1.1 billion in Goldman Mortgage Credit Opportunities. The second-largest launch was Conatus Capital Management's Conatus Capital Partners fund, which had $2.3 billion. Other sizeable launches included Lone Pine Capital's $1.8 billion emerging markets fund, Lone Dragon Pine Fund, and Highliner Investment Group's Alyeska Fund, a market-neutral fund that ended the first half with $1.5 billion.

Total assets under management in the hedge fund industry are $2.65 trillion, according to HedgeFund Intelligence.

About Absolute Return

Absolute Return is the leading source of U.S. hedge fund news and information featuring proprietary data and analysis on more than 3,000 single-manager hedge funds in the Americas. Absolute Return, a monthly magazine, and the Absolute Return Directory and Database, are divisions of HedgeFund Intelligence, a global provider of hedge fund news and data. For more information, please visit


Firm name Fund name Portfolio manager(s) Raanan Agus, Kenneth Eberts David Stemerman Steve Mandel Strategy AUM ($m) Location

Goldman Sachs

GS Investment Partners



New York, NY

Conatus Capital Management Lone Pine Capital Highliner Investment Group Goldman Sachs

Conatus Capital Partners



Greenwich, CT

Lone Dragon Pine

Emerging Markets Equities


Greenwich, CT

Alyeska Fund

Anand Parekh


Chicago, IL

Goldman Mortgage Credit Opportunities Fund

Jonathan Beinner, James Clark, Thomas Teles Vince Maddi, Shawn Brennan Rich Walter, Jeffrey Bellman Ara Cohen, Tom Wagner

Mortgage Backed Securities


New York, NY

SIR Capital Management

Standard Investment Research Hedge Equity Master Fund Bellman Walter Global Fund Knighthead Master Fund



New York, NY

Bellman Walter Capital KnightHead Capital Management Obrem Capital Management One William Street Capital



San Francisco, CA New York, NY



Obrem Capital

Andrew Rechtschaffen David Sherr



New York, NY

One William Street Capital Master Fund



New York, NY

* estimate Source: Absolute Return


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