Funds of Hedge Funds

Steenman launches first fund of funds with assets of $50m


Steenman Asset Management, a Geneva-based firm, has launched the Core Absolute Return Fund, its first fund of hedge funds, with assets of $50 million, largely from Dutch investors. Raising new money for a new fund without track record in this environment is challenging, but Michiel Steenman, founder of Steenman Asset Management, explained: "The successful launch of the CAR fund underlines the fact that there is a large untapped demand for alternative investments that offer returns that are not dependent on the returns of traditional asset classes such as equities and bonds."

Michiel Steenman

Core Absolute Return