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.

   Mark Jurish
   Robert Discolo
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 performance fees.

The fund’s original partnership agreement for the second round of fundraising was all or nothing. It mandated that the...

ISSN: 2151-1845 / CDC10004H

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