Hedge Funds

Black River begins commodity-focused fund


Black River Asset Management recently launched a new multistrategy fund that focuses on commodities and is managed by a team of commodity specialists.

 Gary Jarrett

The Black River Commodity Multi-Strategy Fund began trading last month with $450 million in assets. It is expected to raise as much as $900 million before closing in August.

Minnetonka, Minn.-based Black River was hived off of Cargill's proprietary trading operation at the end of 2003.

Since then, the hedge fund giant's asset base has grown rapidly, swelling by 83% last year alone. It now runs about $5.8 billion through 10 separate