SciVest Capital Management has launched a Cayman Islands-based version of its SciVest Net Short Equity Fund. Toronto-based SciVest manages roughly $100 million in market-neutral and short-biased strategies.
The new offshore vehicle, SciVest Global Net Short Equity Fund, began trading on January 16 with $1 million in seed capital. The fund has tentative commitments from at least three investors for an additional $15 million.
SciVest introduced the fund in part because investors outside Canada wanted an offshore path - meaning one that would allow them to avoid Canadian withholding tax - to the short-biased strategy. The stock market's recent