THE NETHERLANDS - Robeco Alternative Investments has issued an initial tranche of EUR50m following the introduction of its new Robeco Protected Absolute Return Note (Robeco PAR Note).
The hedge fund is the first linked note with a principal guarantee for the Dutch market.
The fund of funds portfolio is spread over six categories including long/short equity, convertible arbitrage, equity market neutral, event driven, fixed income arbitrage and global macro, and is run by a 15-strong team. The amount redeemed when the note matures after seven years is linked to the net asset value of this basket.
No interest will be paid in the interim, said Robeco. The redemption is guaranteed by Rabobank Netherlands to be at least 100% of the nominal value.
A second tranche will be offered in December 2001.
*Robeco Alternative Investments - a unit of Dutch group Robeco - focuses on private equity, hedge funds and structured products for institutional and private clients.
By Madhu Kalia
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