October 1, 2015 / 11:42 AM / 4 years ago

Oceanwood European recovery hedge fund raises $370 mln - source

LONDON, Oct 1 (Reuters) - Hedge fund Oceanwood Capital Management has closed its fund betting on a European economic recovery to new money after raising $370 million in five months, a source with direct knowledge of the matter said.

The Oceanwood Peripheral European Select Opportunities Fund started raising capital from existing investors in May to mainly focus on investments across asset classes in financial sectors in countries such as Ireland, Italy, Spain, Portugal and Greece.

A spokesman for Oceanwood declined to comment.

The capital raise makes the fund one of the largest in Europe so far this year. Nearly three quarters of the region’s hedge funds are below $200 million in size, Eurekahedge data showed.

The fund requires investors to lock their capital up in the fund for at least 2 years or until it is terminated.

Oceanwood, a multi-strategy hedge fund spin out from Tudor Group in 2006, manages $2.6 billion on behalf of investors which include the School Employees Retirement System of Ohio and Pennsylvania Public School Employees’ Retirement System.

Its main Oceanwood Opportunities Fund was up 7.4 percent in the first eight months of the year, compared with an average of 1.4 percent for multi-strategy hedge funds globally, Eurekahedge data showed. (Editing by Simon Jessop)

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