French platform Emergence seeds Eiffel IG credit fund, eyes more investments in 2012
Thu May 24, 2012
Government-sponsored initiative to develop the asset management industry in France is attracting attention from other countries too, with the seeder already receiving some 80 applications from alternative investment managers in France
Emergence, the major new French seeding platform backed by seven large institutional investors, has made its first hedge fund investment – an allocation to the recently-launched long/short credit fund from Paris-based Eiffel Investment Group – and is on course to invest in several other funds before year-end.
According to NewAlpha Asset Management, which is managing the alternative investment management element of the wider platform, the government-sponsored seeding structure is now being examined by the authorities in other jurisdictions – particularly in Asia – with the possible result that similar initiatives will be rolled out elsewhere around the globe.
The origins of the Emergence platform date back to 2006, when Christine Lagarde — in her pre-IMF role as French finance minister — commissioned a group to analyse and identify factors that could drive the development of the financial industry in France.
The result was a list of 12 recommendations, one of which was...
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