Alternative Investment Group
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Re-Openings / New Ideas / Other
Silver Point Capital Offshore
Silver Point is a long biased credit/distressed fund that was launched in 2002 by former Goldman Sachspartners Ed Mule and Bob O’Shea. Following a difficult 2008 the Managers have refocused the portfolio onmore liquid investments and created side pockets for existing illiquid holdings. New investors will notparticipate in the side pockets. The Fund now offers liquidity terms of annual rolling liquidity with a 15%quarterly fund level gate. The Fund rebounded approximately 40% in 2009 and has generated annualizedreturns since inception of 11.40% with volatility of 9.75%. The fees are 2% and 20%.
Two Sigma Compass
Two Sigma was founded in 2001 by David Siegel and Mark Pickard from Tudor and John Overdeck from D.E.Shaw. The Compass Fund is the latest product offering from the Group which provides access to TwoSigma’s Futures and FX strategies, which have been traded as a subset of the Two Sigma Eclipse and TwoSigma Spectrum funds. The Fund offers two versions, a Standard product targeting 15% volatility and anEnhanced version which is run at two times leverage and targets 30% volatility. The terms are monthly with15 days notice and the fees are standard at 2% and 20%.
Prologue is a global fixed income relative value fund which was launched in late 2005. There are two mainpartners, David Lofthouse and Graham Walsh, supported by a staff of 20 professionals. The team tradesliquid government bonds, predominantly in the United States. The Manager offers quarterly liquidity with 80days notice; in addition, a maximum of 25% of holdings may be redeemed on a monthly basis with aminimum of 45 days notice. This 25% is available over a six month period commencing on January 1 andJuly 1, and is computed based on each shareholding/partnership interest at these dates.. There is a soft lock,with a redemption fee of 2% if a holding is redeemed in the first 12 months. Other fees include amanagement fee of 2%, and a performance fee of 20%, which is taken quarterly subject to a high water mark.
Artha Emerging Markets Fund
Artha Capital Management was established in May 2002 by former Morgan Stanley long only EM managersJaideep Khanna and Michael Schwabe. The Fund is an Emerging Market Equity Fund that invests across theemerging market countries including China, India, Mexico, Brazil, South Africa and Russia. The Fund’sapproach is both top down and bottom up, focused on fundamental research. They have annualized 17%since inception with 10% volatility. The terms of the Fund are Quarterly with 60 days notice. Newinvestments are subject to a one year soft lock-up with a 3% fee. The Fund reserves the right to impose a25% fund level gate. The management and incentive fees are 2% and 20%.
Pershing Square International
The Fund opened a new share class in June 2009, which offers investors quarterly liquidity upon 65 daysnotice, subject to a 12.5% investor level gate. Pershing Square is a global equity event-driven activist fund.The Fund’s founder, Bill Ackman, employs a strategy that involves building stakes in companies and thenusing those stakes to influence companies to make decisions that allow the fund to reap high gains. The feesare 1.5% and 20%.