Launches & Closures

Salet shuts Apson long-vol fund after difficult 18-month history


Apson Capital, the derivatives-focused global equity long/short fund founded by former Deephaven manager Edouard Salet, has joined the growing ranks of European-based hedge funds that are shutting down on account of the difficult market environment.

Essentially a long volatility strategy based on using options to express fundamental, macro and market views, Apson’s launch in mid-2011 had attracted a strong response – with the fund receiving significant seed backing from US-based Oaktree Capital Management and decent commitments from other third-party investors as well as partners, family and friends.

However, the timing of the launch proved to be inopportune – with equity