One year ago
New hedge fund launches lurched forward, with 50 new funds
starting in 2011 and ending the calendar year with at least $50
million in assets.
The environment thawed significantly in the subsequent
months. In 2012, some 71 new hedge funds hit that mark, the
highest total since 2007, according to Absolute
new funds survey. Major launches included a new fund from
Renaissance Technologies, two startups from former
executives at Blue Ridge Capital Management and a private
equity/hedge fund hybrid from
New hedge funds update: January 2013 - New
launches news section
Five years ago
>> The stormy tides of the credit crisis jammed the
rudder of once-$2 billion Sailfish Capital,
pushing it to close four years after its founding. It lost
more than 15% in 2007. "It feels like someone has died,"
co-founder Fishman told
The New York Times
It took a few years, but Fishman reached dry land last year,
launching the $28 million
Aesir Credit Master Fund in June. The fund was up 14% in
2012, compared with a 5.95% rise for the
Absolute Return Credit Index in the same time period.
Assets had reached $71 million by January 1, 2013.
"What we are doing here really isn't different than the
credit strategies I ran at SAC, Sailfish or Diamondback,"
Fishman wrote in an email to Absolute Return this
week. "This time we made sure this fund sticks to its knitting
in a pure format. At [Sailfish] this [strategy's] returns were
washed out by other strategies. The Aesir Credit fund sticks to
Fishman's former partner Sal Naro also launched a new credit
fund last year, the
Coherence Capital Spectrum Fund. That $24 million vehicle
did even better, up 16.27% between August and the end of the
year. Naro did not respond to a request for comment.
Former Sailfish portfolio manager Ed Tiege took a different
opening up a distillery in the New York City suburbs.