Goldman Sachs is launching a multi-manager market independent hedge fund called GS Global Market Independent Partners (GS GMIP).
Currently being marketed for funding after June of this year, Goldman Sachs said it has already obtained commitments from a number of institutional investors.
The fund is mostly aimed at the institutional market and insurance companies worldwide. Minimum investment in the fund is $1m.
There is a 1% management fee for investments up to $5m, 0.8% for investments between $5m and $25m and 0.6% for investments of $25m or more.
Goldman Sachs currently manages approximately $4bn in hedge fund investments.
The GS GMIP has the following objectives:
* A diversified portfolio of 15-20 market independent hedge fund managers.
* Annualised net returns of 10%-12% over a three to five-year period with low correlation to the equity and fixed income markets.
* Consistent monthly returns with low volatility (annualised standard deviation between 4%-7%.
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