Investors in hedge funds: Building the investor base

Wed Apr 16, 2008



French investors have been strangely reluctant to invest in their home-grown funds, even while international buyers have flocked in. The industry, however, has plans to encourage local investment and hopes the tide is turning in its favour

It was just the sort of imprimatur French hedge fund management needed to underscore its global competitiveness. In September 2006, the California Public Employees’ Retirement System (CalPERS), which manages total assets of close to $250 billion, awarded a $75 million dedicated investment mandate to ERAAM as part of its strategy for expanding into European alternative assets. In addition, CalPERS has awarded similar mandates to UBS’s Alternative Investment Solutions (AIS) subsidiary and Ermitage, meaning that ERAAM is the only continental European manager in the programme.

CalPERS has clearly been more than satisfied with ERAAM’s performance, which has been based on standard long/short equity, fixed-income arbitrage, event-driven and discretionary macro styles –...

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