Hedge Funds

Avondale acquires interest in long/short fund


Avondale Partners, a Nashville-based investment bank, has entered the hedge fund world with the acquisition of a 50% interest in Conquest Capital Management, manager of the Bonanza Fund, a long/short equity hedge fund based in Sausalito, Calif. The acquisition price was not disclosed.

The Bonanza Fund, to be renamed "Conquest I," has netted approximately 5% year to date through March 31 and has a three-year total return of 40%. The fund employs a one-year lockup and carries typical fees of 1% of assets and 20% of profits.

The acquisition "allows us to have a product which we can offer