|The first six months of 2010 have seen a number of new firm foundings, fund launches, and spin-offs in the hedge fund world, some led by a new generation of young managers and others headed by industry veterans looking to start anew or reassert their investing prowess. But the figures from this year’s halfway point also mark an adjustment to the norms of hedge fund launches. The most noticeable changes are the dramatic fundraising difficulties facing hedge fund managers worldwide: so far this year, not one new hedge fund firm has launched with close to $500 million in assets under management, not to mention anything comparable to the $1 billion raised by Roc Capital Management and its founder Arvind Raghunathan or the $800 million Tony Chedraoui raised for the Tyrus Capital LLP launch last year.|
Last year saw seven new firm launches with assets over $100 million; so far, 2010 has welcomed only two. But nevertheless, the 2010 launches all allude to an air of cautious optimism in the hedge fund world and a positive forecast for the new firms and funds scheduled to open later this year. In this report, HedgeTracker profiles the six largest hedge fund firm launches of the first half of 2010, which together have launched with a total of $720 million in assets under management (AUM).
The most successful launch so far in 2010 belongs to Ridley Park Capital, which debuted its flagship hedge fund in May with almost $200 million in AUM. Ridley Park Capital is a long/short global equity fund manager that was founded in 2009 by Julian Barnett, a former fund manager at Polar Capital who started the Polar Paragon hedge fund, which grew to become Polar Capital’s largest investment vehicle with $875 million in AUM.
Close behind Ridley Park is Turiya Capital , another long/short global equity hedge fund manager. Turiya Capital was founded this year by Davide Erro, the former CEO of Gandhara Capital, who also previously headed the Asian group of Goldman Sachs’ global arbitrage desk. Turiya Capital invests in Asian and European equities and launched its flagship Turiya Fund in April with $150 in AUM.
Tied for third place are Warwick Capital Partners, Ellis Lake Capital and Janchor Partners. Warwick Capital Partners was founded this year by Polygon Investment veterans Alfredo Mattera and Ian Burgess and received $100 million in seed capital from Cyan Management Group. The firm follows an event-driven strategy and will open its first European distressed equity and special situations hedge fund in August of this year to outside investors.