Hedge Funds

Penso crafts "global crisis" fund

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Ari Bergmann's Penso Capital Markets is set to begin trading a novel strategic hedging vehicle in January aimed at hedging against - or making outright bets on - a global crisis.

Penso, which manages $150 million, principally fund-of-funds assets, expects its new product to attract mostly multistrategy hedge funds, funds of funds and family offices looking to prepare their portfolios for a crisis affecting the global financial markets in the coming 12 to 24 months.

Penso will offer the fund at two different levels of expected volatility and returns. Both versions will be managed by Bergmann and Steve Gross,