Funds of Hedge Funds

Liongate opens up commodities vehicle

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London-based Liongate Capital Management, which has $2.7 billion in assets, this month opened up the Liongate Commodities Fund to external investors. It seeded the fund with $40 million of internal capital and has been incubating it for the past year.

The new fund aims to have a non-directional bias across market cycles, targeting a combination of long-biased and relative value strategies during commodity bull markets, while rapidly reallocating to pure relative value and short-biased strategies in commodity bear markets. It invests primarily in mid-sized hedge funds specialising in specific commodity sectors, such as precious metals, oil or sugar.