UK - PSolve Alternative Investments (PAI) has launched a new fund of hedge funds focussing on niche hedge fund managers.
The Select Opportunities Fund is targeting pension funds and private individuals, and is aiming to achieve returns of 15 to 20% over three years. The fund has a target volatility of less than 10%.
PAI said it has already had US$53m committed by several pension funds.
Soondra Appavoo, managing director, said: “Our investment approach is risk focussed but ideas driven. We want our investors to grow their wealth without taking undue risk.
“The Select Opportunities Fund should realise a return in excess of 15 – 20%, after fees, over a three-year period. The fund is not dependent on any one single manager but is well diversified by strategy and approach.”
The new fund of hedge fund is the first fund to be launched under the PAI banner. Alex Campbell, who joins from Lovells, where he specialised in private equity due diligence and capital markets, has been appointed risk manager and legal counsel.
“We believe that the best hedge fund returns come from small, niche managers, rather than an index-hugging approach,” Appavoo said.
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