Ospraie's Anderson launches two hedge funds

*Ospraie's new funds started trading in July

*Portfolios specialize in commodities sector

By Svea Herbst-Bayliss

NEW YORK, July 6 (Reuters) - Hedge fund manager Dwight Anderson, who was forced to liquidate his flagship Ospraie Fund amid heavy losses in 2008, has launched two new hedge funds, according to a letter sent to clients.

Anderson, known for taking big risks in the long-overlooked commodities sector, told investors the new funds - Ospraie Equity Fund and the Ospraie Commodity Fund - began trading on July 1. They will invest exclusively in commodities and liquid securities.

Anderson began raising money for the funds in May.

After having been forced to shut down his flagship fund amid a crippling 39 percent loss last year, Anderson has made a number of changes to these funds.

He will allow investors to withdraw their money back on a quarterly basis, more frequently than many other hedge funds. He will also limit the number of investors and the amount of capital the funds accept.

Less than a year ago in September 2008, Anderson shut down his flagship offering as market conditions were erratic and the financial crisis battered many hedge fund managers. Now he said he thinks conditions have improved significantly and that the time is right to make money again.

"After much reflection and with a number of lessons learned, we see a set of opportunities today that we believe could create significant value for investors in the coming years," he wrote in the letter obtained by Reuters.

Anderson, who launched Ospraie Fund while working for hedge fund legend, Paul Tudor Jones of Tudor Investment Corp, cemented his reputation as an industry star by returning 15 percent a year on average from 2000 to 2007.

At its peak, the Ospraie Fund invested $3.8 billion and ranked as the world's largest commodities hedge fund.

Although Anderson shut the flagship fund, the firm, Ospraie Management LLC, still managed roughly $1 billion.

To attract new investors, Anderson promised to charge them less. They will not have to pay incentive fees until Anderson has made up last year's losses. (Reporting by Svea Herbst-Bayliss, editing by Leslie Gevirtz)