| LONDON, July 13
LONDON, July 13 Hedge fund veteran Philippe
Gougenheim has raised $80 million for a new fund launch and says
investors are poised to commit more money if initial returns are
good, in a sign some start-up managers can still attract cash in
a nervy market.
The former head of hedge funds at Swiss fund firm Unigestion
told Reuters the fund could roughly triple in size within six
months if performance gets off to a strong start after its
planned September launch.
"We'll have $80 million on day one. We have a very strong
pipeline, and if we do what we've said we're doing for the first
two or three months, then after six months I think we'll be
closer to $250 million," he said.
"We don't have any real track record, so some people would
like to see us managing money for real. They're very pleased
with the paper (or pre-launch trial) trading."
The fundraising comes as many start-up hedge funds struggle
to attract investors, who often prefer the perceived safety of
bigger, better-known names.
Many commentators put the critical asset level for a hedge
fund firm at around $100 million - a level at which they are
likely to be profitable and also have a better chance of
attracting big, institutional investors.
According to Hedge Fund Research, 304 new funds were
launched in the first quarter, while 232 were liquidated.
Swiss-based Gougenheim first told Reuters in January of his
plans to launch a highly liquid global macro hedge
The Glasnost fund, named after the former USSR's 1980s
policy of openness and transparency, would be "everything that
hedge funds are not - liquid, transparent, with a focus on
capital protection", he said at the time.
Gougenheim previously managed Societe Generale's
proprietary trading team and chaired the investment committee at
Man Investments, part of Man Group Plc.