Larch Lane and PineBridge halt fundraising for joint seeding vehicle
By Lawrence Delevingne
Fri Jun 1, 2012
Select Plus fund drops its push to amass $1 billion; still manages $400 million spilt among five hedge funds.
Select Plus Fund, a joint venture of $1.4 billion hedge fund
investor Larch Lane Advisors and $67 billion asset manager
PineBridge Investments to seed early stage managers, has halted
a second round of fundraising.
The private equity fund launched in June 2008 and soon
closed with $400 million from three sources: Larch Lane, AIG's
asset management unit (which became PineBridge), and an
undisclosed group of institutional investors. After the
financial crisis subsided, the group began to raise an
additional $600 million beginning in mid 2010, hoping to seed
10 to 15 additional hedge funds with $50 million to $100
million in exchange for a portion of their management and
The fund's original partnership agreement for the second
round of fundraising was all or nothing. It mandated that
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