Fast-Growing King Street Might Cap Assets

King Street Capital is on the verge of closing its flagship fund to new investments
after taking in more than $3 billion of fresh capital over the past 12 months.
At a time when most hedge fund managers were struggling with a mountain of
redemption requests, King Street’s overall assets under management jumped from
$15.8 billion in January 2009 to $19.2 billion last month. Perhaps it’s no wonder,
considering that the King Street Capital fund has never had a down year since
launching in 1995. In 2008, when hedge funds lost an average of 18%, the King
Street vehicle gained 2.5%. Last year, it returned 20.1%.
In a Feb. 5 letter to investors, the New York firm said it wants to “moderate the
future growth of the fund’s capital subject to developing market conditions.” One
investor said he was told that King Street doesn’t want to see overall assets under man-
agement exceed about $20 billion — suggesting the flagship fund could close to new
See KING on Page 8
Avenue Hires Larkin to Pitch Fund of Funds
Avenue Capital hired marketing executive John F. Larkin last month to raise
additional capital for a small fund of funds the firm manages alongside its better-
known single-manager vehicles.
Larkin, an alumnus of Deutsche Bank and Citigroup, joined as managing direc-
tor and global head of business development for the multi-manager fund, Avenue
Strategic Partners. Launched in November 2007, the vehicle has $216 million
under management.
Hiring someone of Larkin’s stature suggests the New York firm, which managed
$19.5 billion overall as of Nov. 30, is serious about expanding its multi-manager
business. Founded in 1995 by Marc Lasry and his sister, Sonia Gardner, Avenue is
known as a distressed-debt manager that invests primarily via hedge funds and
private equity vehicles.
Most recently, Larkin was in charge of marketing alternative investments across
See AVENUE on Page 4
DE Shaw’s Oculus Investors Finally Get Paid
D.E. Shaw has nearly finished paying back investors who sought to redeem
from its flagship Oculus fund at the height of the financial crisis, wrapping up the
process sooner than expected.
Like many other fund operators, Shaw was besieged with redemption requests
amid the financial-market turmoil of late 2008. In response, the New York firm
imposed investor-level “gates” that limited withdrawals from both D.E. Shaw
Oculus and a sister fund, D.E. Shaw Composite, to 12.5% of a shareholder’s cap-
ital per quarter. At that rate, Shaw was expected to take until late 2010 to finish
paying redeeming investors.
But last month, Shaw told Oculus investors it was lifting the gate and would
be able to fully repay them this month.
For many shareholders, however, the accelerated payment schedule was too
little, too late. Investors are still annoyed that the multi-strategy firm restricted
See SHAW on Page 6
FEBRUARY 17, 2010
Former Highbridge Capital energy-stock
specialist Jennifer Pomerantz resurfaced
this month with plans to start a hedge
fund with backing from PioneerPath
Capital. At Highbridge, Pomerantz was a
profitable portfolio manager for the
firm’s big multi-strategy fund.
PioneerPath, the hedge fund-seeding
business of Citadel Investment, has
invested an undisclosed amount of capi-
tal in Pomerantz’s new firm, Surveyor
Capital. She is teeing up a long/short
equity fund focused on the energy and
natural-resources sectors, though the
timing of her launch isn’t clear.
Two former Octavian Advisors investment
staffers who left the New York special-sit-
uations shop last year have landed new
jobs. Kevin Griffin, who headed Octavian’s
private-investment business, joined
Highbridge Capital in New York last
month. He is serving as Michael
THE GRAPEVINE
See GRAPEVINE on Back Page
6 HEDGE FUND PERFORMANCE
2 Boyer Allen Boosts Japan Exposure
3 Citadel Sets Up Offshore Macro Fund
3 Dawson Hires Consultant for Key Job
3 Shumway Alum Tees Up Vehicle
3 Liongate Rewarded for Good Behavior
4 A Resurgent Contrarian Adds Staff
4 Hayground Spins Off a New Fund
6 Tech-Stock Specialists Launch Fund
7 Drake Alumni Market Debt Vehicle
8 MF Global to Fill More Openings
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Boyer Allen Boosts Japan Exposure
Boyer Allan Investment Management is betting big on Japan.
Even as many other investors remain skeptical about Japan’s
growth prospects, the London firm has a “strong conviction”
that Japanese equities remain significantly undervalued.
Accordingly, the $355 million Boyer Allan Pacific Fund is
increasing its allocation to Japan, reversing a three-year trend.
At the same time, the firm is trying to raise additional capital
for a dedicated Japan fund that currently has just $20 million
under management.
Boyer Allan’s view may be contrarian, but the firm isn’t
alone. Investment giant BlackRock includes Japan among its
“strong convictions” for 2010. Martin Currie, a $19 billion
hedge fund operator in Edinburgh, is out raising fresh capital
for its Japan fund, which currently has $274 million of assets.
“On Japan, there’s a tug-of-war going on between pes-
simism and optimism,” said Jean Keller, chief executive of 3A,
Banque Syz’s fund-of-funds business. “Investors have a
dichotomous view. They either love it or hate it — there’s no
middle ground.”
Boyer Allen, which manages $750 million overall via five
Asia-focused hedge funds, believes that valuations for
Japanese stocks are, on average, at their lowest point since the
country’s financial crisis of the
early 1990s. “At the very least, we
think that Japanese equities are an
attractive trading opportunity
from here,” the firm said in a recent
investor presentation.
But Boyer Allen also sees a real
possibility for a sustained bull mar-
ket in Japan. That’s because the
newly elected Democratic Party is
working hard to stimulate domes-
tic demand. Investors, meanwhile,
are still valuing Japan as though
corporate profits will remain
depressed.
In any case, the real test for
Japan-focused managers will be
attracting capital, which has been
difficult since 2006. “There’s a huge
amount of interest, but not a flood
of money,” said Boyer Allan chief
executive Roger Denby-Jones, a
Goldman Sachs alumnus. “People
have said, ‘I can see why this could
work, but I’d like to wait for the
first 10% rise in equities before
committing,’” Denby-Jones said.
The Boyer Allen Japan fund rose
5% in 2008 and 4% in 2009. Its best
year was 2005, when it gained 45%.
The fund has been managed by
Andrew Callendar and Nick Tanner
since April 2008. O
February 17, 2010 2
Hedge Fund
ALERT
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Reach for deeper liquidity: SIGMA X
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February 17, 2010 3
Hedge Fund
ALERT
Citadel Sets Up Offshore Macro Fund
Citadel Investment is marketing an offshore version of its
year-old global-macro fund.
The Cayman Islands entity began trading two weeks ago with
about $7 million. The U.S.-domiciled Citadel Global Macro Fund
has raised about $140 million since setting sail in early 2009.
The Chicago firm, headed by hedge fund icon Ken Griffin, is
actively marketing both the domestic and offshore vehicles in a
bid to drum up interest in the global-macro strategy. Citadel
manages about $12 billion overall.
Overseeing the global-macro funds is London-based portfo-
lio manager Kavey Alamouti. He also manages the global-macro
book for Citadel’s flagship multi-strategy funds — U.S.-domi-
ciled Wellington and offshore Kensington. Overall, Citadel has
about $1 billion of global-macro investments. Before joining
Citadel last year, Alamouti worked at Moore Capital in New York.
Citadel’s global-macro funds are among a handful of single-
strategy vehicles the firm decided to launch at the end of 2008,
after Wellington and Kensington suffered severe losses and the
firm suspended redemptions from the multi-strategy funds. O
Dawson Hires Consultant for Key Job
As he continues his search for a new partner, fund manag-
er Jonathan Dawson has bolstered his firm, Dawson Capital, by
tapping veteran stock picker Jedd Bonnem.
Bonnem, an alumnus of Perry Capital and his own Cadmus
Capital, joined Dawson’s Southport, Conn., firm Feb. 1 on a
consulting basis. While Bonnem has told some market players
that he isn’t looking for a full-time position, others see the con-
sulting gig as an audition for a job as Dawson’s partner. Russell
Herman, Dawson’s former partner, left the firm last year after
telling investors he was shutting the firm’s main vehicle,
Southport Millennium Fund, in the wake of severe losses.
Dawson is now trying to rebuild a firm that has shrunk dra-
matically since the financial crisis. Assets under management
have fallen from a peak of just over $3 billion in early 2008 to
around $450 million today. Dawson Capital continues to man-
age other long/short equity vehicles under the Southport ban-
ner, with most of the firm’s 25 employees working in a New
York office.
It’s unclear exactly what role Bonnem is playing as a con-
sultant to Dawson. After a stint at Richard Perry’s hedge fund
firm, Bonnem left in 2002 to launch Cadmus Capital with
another Perry alumnus, Chris Vulliez. Bonnem shuttered the
firm in early 2008 after assets under management, which once
topped $1 billion, had sunk to about $20 million.
In the wake of Herman’s departure, Dawson has been
searching for what would be his fourth partner since launch-
ing the firm in 1981. His first partner, Art Samberg, left in 1999
to form Pequot Capital, which shut down last year amid an
insider-trading investigation. Dawson’s next partner was
Anthony Giammalva, followed by Herman. O
Shumway Alum Tees Up Vehicle
Matthew Crakes, a former managing director at Shumway
Capital, is going solo with a hedge fund that would focus on
emerging markets.
Crakes has set up a firm, Greenhart Capital, and is target-
ing April 1 for the launch of a long/short equity vehicle. He
previously was an emerging-markets specialist at Shumway
Capital, an $8 billion fund operator founded by Tiger
Management alumnus Chris Shumway. Last month,
Shumway announced that Petershill Fund, a private equity
vehicle run by Goldman Sachs, had taken an 8% stake in his
Greenwich, Conn., firm.
Before working at Shumway Capital, Crakes was a sell-
side analyst at Merrill Lynch. O
Liongate Rewarded for Good Behavior
Fund-of-funds manager Liongate Capital has seen a sharp
rise in mandates from institutional investors, defying predic-
tions by some that pension plans and insurance companies
would steer clear of hedge fund investments in the wake of the
financial crisis.
Since December, the London firm has raked in some $400
million of investments, mostly from European pension sys-
tems, insurers in Europe and Asia and sovereign-wealth funds
in Asia and the Middle East. A handful of U.S. pension plans
also have written checks.
The investments bring Liongate’s overall assets under manage-
ment to $2.6 billion — and capital continues to flow in at a rate of
about $140 million per month. Roughly 70% of the firm’s asset
base is now institutional money, compared to 60% a year ago.
Many industry observers expected that pension plans and
other conservative investors would head for the hills following
the market debacle in late 2008. While some have, others have
selectively increased their investments in hedge funds, favoring
strategies and managers that treated limited partners well dur-
ing the downturn. Case in point: Liongate did not suspend
redemptions or otherwise clamp down on liquidity in late 2008
and early 2009, even as many other managers were hitting the
panic button.
“Investors are rewarding prudent navigation of risk through
a problematic period for the whole industry,” said Randall
Dillard, Liongate’s chief executive.
Most of the recent inflows have come from six institutional
players that have made direct investments in Liongate Multi-
Strategy Fund. O
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fund conferences in The Marketplace section of
HFAlert.com. Just click on “Conference Calendar.” The
calendar is divided into four sections: the industry’s main
events, conferences to be held in the U.S. and meetings
outside the U.S.
February 17, 2010 4
Hedge Fund
ALERT
A Resurgent Contrarian Adds Staff
After reversing severe losses, distressed-debt shop
Contrarian Capital is adding to its headcount once again.
Last month, the Greenwich, Conn., firm hired Mark
Crawley to help manage structured-product investments, and
trade-claims specialist Kimberly Gianis also came aboard.
Contrarian’s staff now numbers 53 — above its peak level prior
to the financial crisis.
The hires follow a difficult year when the firm lost several
key executives in the wake of sharp losses and heavy redemp-
tions. The flagship Contrarian Capital Fund lost 26% in 2008,
but came roaring back last year with a 42% gain. The fund rose
another 1.5% in January.
Assets under management also have begun to rebound.
After bottoming out below $2.6 billion in mid-2009, the firm’s
overall assets have risen to about $3.3 billion. Contrarian
peaked just over $5 billion in mid-2007.
Crawley previously was a director at hedge fund shop
Waterfall Asset Management of New York. Before that, he spent
seven years at financial consultant PentAlpha in Greenwich.
Gainis joined Contrarian from Deutsche Bank, where she spent
four years working on trade claims.
News of the hires was tempered by yet another departure.
Edward Scott, who joined 18 months ago to help Contrarian
with a private equity vehicle, left Jan. 29 for parts unknown.
People familiar with the firm said it had second thoughts
about the vehicle after it struggled to raise capital.
Contrarian was founded in 1995 by three former Oppenheimer
staffers: Jon Bauer, Gil Tenzer and Janice Stanton. O
Hayground Spins Off a New Fund
The best-performing portfolio manager from Hayground
Cove’s long/short equity fund has been given a hedge fund of
his own.
On Feb. 1, the New York alternative-asset manager
launched Raido Fund with about $50 million from the firm’s
partners. At the helm is Mark Soloway, one of three portfolio
managers working on the flagship Hayground Cove Capital
Partners Fund. That vehicle has about $300 million under
management.
Soloway has been with Hayground since chief executive
Jason Ader founded the firm six years ago. Prior to that,
Soloway was an equity analyst at Bear Stearns. Last year, his
portfolio gained 33%, net of fees, following a 22% loss in 2008.
Soloway takes concentrated positions in highly liquid stocks.
His new fund offers quarterly liquidity with no lock-up period.
Hayground Cove and its affiliates have about $3 billion of
assets under management. In addition to hedge funds, the
assets include real estate, an equity stake in a bank and a hotel
business in India. O
Avenue ... From Page 1
the Americas at Deutsche. Prior to that, he was co-head of
third-party distribution at Citigroup Alternative Investments.
Avenue’s fund of funds draws on the firm’s expertise in ana-
lyzing and acquiring distressed and illiquid securities. It tar-
gets hedge fund managers that invest in distressed and high-
yield debt, the equity of companies undergoing restructuring,
event-driven situations, private lending and trade claims,
among other strategies.
The vehicle is managed by Robert Russell, a former portfo-
lio manager at Harvard Management. New England Patriots
quarterback Tom Brady is a general partner in Avenue Strategic
Partners.
Avenue is among a number of large hedge fund managers
that operate funds of funds on the side. Citadel Investment,
Man Group and Moore Capital also have launched multi-man-
ager vehicles in an effort to diversify their revenue streams and
broaden their investor bases. O
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definitions of industry jargon that’s likely to trip you up.
The next time you need help with hedge-fund lingo, click
on the “Glossary” link in The Marketplace section of
HFAlert.com.
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Tech-Stock Specialists Launch Fund
Two veteran technology-stock analysts are marketing a
long/short equity fund they began trading this month from a
newly established firm in San Francisco.
San Francisco Investment Management launched SFIM
Opportunities Fund with about $5 million of friends-and-fam-
ily money. Partners Dane Lewis and Andrew DeSomma are now
trying to raise outside capital.
Both Lewis and DeSomma hail from large San Francisco
hedge fund shops. Before launching SFIM last year, Lewis was
an analyst at the $1.5 billion Crosslink Capital. DeSomma pre-
viously worked at the $1.3 billion Artis Capital.
The two met while working at boutique investment bank
Robertson Stevens, which raised capital for technology start-
ups during the late 1990s. After the tech bubble burst, the
San Francisco firm was shuttered in 2002 by parent
FleetBoston. O
Millennium Alum Markets First Fund
Event-driven manager Ironsides Partners is marketing its
debut hedge fund after running money for Israel “Izzy”
Englander’s Millennium Management for the past three years.
The Boston firm, founded in 2007 by ex-Millennium port-
folio manager Robert Knapp, started trading Ironsides
Opportunity Fund last month with less than $50 million. The
fund will be showcased by Goldman Sachs’ capital-introduc-
tion team at an emerging-managers conference Goldman is
hosting on Feb. 24 in New York.
Knapp ran an event-driven book for Millennium from 1996
to 2006. At Ironsides, he has focused on four main strategies:
closed-end fund arbitrage, emerging markets, natural
resources and distressed debt. Between Millennium’s account
and the new hedge fund, Ironsides has $50 million to $100
million under management. O
Shaw ... From Page 1
withdrawals even though it invests largely in liquid securi-
ties, including futures and options, and had enough cash on
hand at yearend 2008 to support most of the redemption
requests.
Oculus had $8.8 billion of assets at yearend 2009. D.E.
Shaw Composite, which targets more illiquid investments,
continues to gate investors, paying them a percentage each
quarter.
The funds’ offering memoranda permit the firm to erect
gates. It exercised that option in late 2008 in order to retain a
war chest large enough to exploit an anticipated rebound in
the market.
Founded in 1988 by David Shaw, the firm’s overall assets
under management fell to about $27 billion in January from
a peak of $36 billion in 2008.
Despite investor nervousness, the Oculus fund finished
2008 with a 7% gain, compared to an industry-average loss of
18%. Last year, Oculus gained 9%. It is about flat for 2010. O
February 17, 2010 6
Hedge Fund
ALERT

Hedge Fund Performance

Jan.
Return
(%)
2009
Return
(%)
BENCHMARK INDICES
S&P 500
Russell 2000
MSCI EAFE (Europe, Australia, Far East: net)
Barclays Aggregate Bond

-3.60
-3.73
-4.44
1.53

26.46
25.21
27.75
5.63
Barclay/Global HedgeSource
1,900+ funds (unweighted)
-0.28 24.12
CogentHedge
3,100+ funds (unweighted)
Arbitrage
Event-driven
Fixed income
Long/short
Global macro
Multi-fund
Sector
Trading
Regional
-0.88

-0.01
1.06
0.76
-0.90
-0.83
-0.66
-0.86
-2.44
-0.68
16.48

26.94
26.66
20.77
21.83
7.17
9.99
33.98
0.88
27.14
Credit Suisse/Tremont Hedge Fund Index
400+ funds (unweighted)
0.17 18.57
Dow Jones
Hedge fund strategy benchmarks
Equity long/short
Event driven
Merger arbitrage


-0.28
0.70
-0.06


4.88
15.54
8.31
Hennessee Hedge Fund Advisory
1,000+ funds (unweighted)
-0.50 24.85
HFN Hedge Fund Aggregate Average
4,900+ funds (unweighted)
-0.78 19.44
HFRI Fund Weighted Composite
2,000+ funds (weighted)
-0.71 20.03
Morningstar 1000 Hedge Fund Index
1,000+ funds (unweighted)
-1.28 19.67
RBC Hedge 250
250 funds (weighted)
-0.07 19.24

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Drake Alumni Market Debt Vehicle
Two former Drake Management portfolio managers are
pitching institutional investors and seeding firms on a debt-
focused hedge fund they launched last month.
David Hinman and Raymond Zucaro began trading SW
Global Credit Opportunity Fund with only a couple of million
dollars they raised from friends and family. Their goal now is
to find a few large investors that would allow them to quickly
ramp up assets under management.
The fund is being managed via SW Asset Management, a
Newport Beach, Calif., firm Hinman and Zucaro founded late
last year. The vehicle invests in the debt of emerging-market
companies, primarily in Eastern Europe and Latin America,
but also in Africa and the Middle East. In its first month, the
fund gained 2.4%.
The fund allows investors to withdraw quarterly with notice
of six months. However, limited partners can opt for an expe-
dited 30-day notice period if they’re willing to forfeit 10% of
the amount withdrawn. The managers are charging a 1.5%
management fee and 20% performance fee.
Hinman ran the global-credit business at Drake, a hedge
fund and long-only manager that closed its doors last year
after suffering huge losses during the credit crisis. Before that,
he spent 10 years at Pimco. Zucaro ran Drake’s emerging-mar-
ket portfolio. They both left the New York firm in July 2009.
Drake, which peaked at $11.5 billion under management in
2008, is in the final stages of unwinding its flagship Drake
Global Opportunities Fund, which fell nearly 57% from late
2007 through March 2009. At this point, the fund is mainly
running money for Drake’s founders, Steve Lutrell and Anthony
Faillace. O
February 17, 2010 7
Hedge Fund
ALERT
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February 17, 2010 8
Hedge Fund
ALERT
MF Global to Fill More Openings
Trade-execution and clearing firm MF Global is on a hiring
spree, looking to scoop up hedge fund veterans to fuel the
expansion of its U.S. equities derivatives business.
The New York firm began interviewing hedge fund profes-
sionals last month to fill openings on a new equities and deriv-
atives trading desk. Kumaran Vijayakumar, a former Bank of
America executive who last month took the reins of MF
Global’s U.S. equity derivatives business, is looking to hire 6-10
sales staffers and traders.
Matthew Shatz, head of electronic trading services, includ-
ing high-frequency trading, is also hiring. He’s looking to fill
three positions on his team, after adding David Richter and
Michael Forsythe on Jan. 4. Like Shatz, Richter and Forsythe
recently came over from MF Global rival NewEdge, a Paris
clearing and brokerage firm jointly owned by Calyon and
Societe Generale.
MF Global, formerly known as Man Financial, is one of the
largest brokers of futures and options. It began expanding its
equities derivatives business last year. The firm also has brought
on several new professionals in its fixed-income group in hopes
of winning Federal Reserve approval of its application to serve as
a primary dealer of U.S. government securities. Those steps are
being made as the firm seeks to add more hedge funds and other
types of institutional investors to its client roster.
Peter Forlenza, global head of equities, said the firm will
hire more people as MF Global expands its businesses in
Europe and Asia. Forlenza, former global head of equities at
Bank of America and co-founder of New York hedge fund
operator OutPost Investment Group, joined MF Global in
October. O
King ... From Page 1
investments any day.
At the same time, the firm told investors it was tweaking
the fund’s liquidity terms. Previously, the fund permitted with-
drawals of up to 25% of overall assets per quarter. Now, King
Street is switching to an investor-level limit of 25% per quar-
ter. That means investors can withdraw up to 25% of their cap-
ital every three months — regardless of the total volume of
redemptions for that period.
“This is about them managing their liquidity,” one investor
said, “but there are probably those who got stuck in 2008 who
will like the changes.”
In a separate letter to investors, King Street also announced
that firm co-founder Brian Higgins once again would serve as
investment chief following the retirement next month of head
trader Kieran Goodwin.
King Street, which specializes in distressed-debt invest-
ments, has posted phenomenal performance and growth fig-
ures since the credit crisis began. Assets under management
have jumped by more than 50%, from $12.1 billion in January
2008 — catapulting the firm to the top ranks of hedge fund
managers globally. Since its inception, the flagship fund has
generated an average annual return of 15%.
Most other large hedge fund managers have seen their
assets decline sharply in the wake of severe losses in 2008.
Indeed, according to various estimates, the industry’s total
assets under management fell from just under $2 trillion in
2008 to around $1.5 trillion in late 2009.
Still, in the wake of strong gains last year, there are signs
that other big fund managers may limit or bar new invest-
ments. In December, Tudor Investment entered talks with
shareholders about returning some of their money after the
firm’s assets under management swelled to $9.4 billion. In a
yearend report, Morgan Stanley predicted that more “blue-chip
managers will once again close their funds to new capital” fol-
lowing a successful 2009. O
NLw |OÞ 2010:
• Multi-strategy hedge fund perspectives on accessing
the longevity asset class
• Transitioning to the tertiary market: Implications for
investors, brokers and providers
• Browndorf PEM workshop on engineering life settlement
hybrid products
• Accessing the expanding Islamic finance market through
Shari’ah-compliant longevity investments
• Responding to the twin imperatives of privacy and
transparency
• Overcoming the challenge of negative PR
• Investment best practices for pension funds and
institutional investors
1-B00-BB2-BßB4 | www.L||L5L11LLMLN15UMM|1.COM
March 24 – 25, 2010
New York, NY
Life Settlements
& Longevity
Summit
3rd
Enhancing your Returns through
Strategic Investments in Life Settlements,
Longevity-Linked Assets, Synthetics &
Life Settlement Securitizations
“Informative, well put-on, and great networking!”
– Matthew Browndorf, Founder & CIO, Browndorf PEM
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Or call 201-659-1700. You can also complete the Order Form on the last page of this newsletter and fax it to 201-659-4141.
February 17, 2010 9
Hedge Fund
ALERT
Boldt Starts Firm to Outsource CIO Function
Bob Boldt, former head of University of Texas Investment, has started an busi-
ness through which he will performthe functions of a chief investment officer for
foundations and endowments.
Boldt, who left the Austin, Texas, endowment manager in September, has been
approaching prospective clients over the last three or four weeks.
The yet-to-be-named startup, run by Boldt and an unidentified partner, is tar-
geting foundations and endowments in the U.S. and abroad with assets of up to $2
billion. The firmwill also offer its services to wealthy individuals.
Boldt wants to serve as an investment-manager-for-hire to clients that aren’t big
enough to build a major investment operation on their own. Down the road, Boldt
also hopes to add investment products for pension plans.
He has a compelling story to tell. In 2002, he became chief executive of the Texas
See BOLDT on Page 6
More Changes Afoot for Bear’s Brokerage
Bear Stearns has ruffled feathers among its staffers with the latest steps it has
taken to overhaul its prime-brokerage unit.
On Friday, the bank informed five of its seven “calling officers” of their
expanded roles: hawking Bear’s securities-lending, financing and conventional
clearing services to prospective hedge fund clients. Until now, those staffers had
been helping hedge funds deal with problems or find their way around the
investment bank when they needed services outside of the prime-brokerage
area.
The move is one of a number of changes the bank has made since merging its
equity-derivatives and clearing groups with its traditional stock-lending area in
September. In November the president of Bear Stearns Securities, Richard Lindsay,
resigned as the bank’s revenue growth from its clearing operations began to slow
See BEAR on Page 6
IRS Gives Non-Profit Fund Investors a Break
The IRS delivered some good news last month to non-profit investors in hedge
funds.
At the end of January, the agency reported that a tax-exempt entity would not
be penalized for being an investor in a hedge fund that engaged in what the IRS
considers prohibited tax shelters. The possibility that such investors could be held
liable for the actions of their hedge funds’ managers was raised by legislation that
was signed into law in May.
The Tax Increase Prevention and Reconciliation Act was intended to target non-
profits that collected fees in return for helping taxable entities defer income until
it could be reported at a lower tax rate. But before the January clarification by the
IRS, the lawseemed to leave the non-profit investors in hedge funds open to scruti-
ny, and threatened to force them to file disclosure statements with the IRS about
their investments.
The agency’s pronouncement came a couple of months after it issued a ruling
See IRS on Page 4
3 Soros Alum Targets Illiquid Holdings
3 Funds Become Major CMBS Buyers
3 UK Firm Preps Liquid Alternative
4 Healthcare Fund Tally Rose in ’06
4 Ex-Level Global Pro Plans Incubator
4 Deloitte Examining Zwirn’s Books
6 Ex-Goldman, E&Y Pros Set to Launch
9 Commerzbank Crafting Suite of Funds
9 Securitization Vets Start CDO Fund
10 CALENDAR
11 LATEST LAUNCHES
FEBRUARY 14, 2007
Two marketers have left Lehman
Brothers’ absolute-return strategies
group, which recently saw changes in
the senior management and structure of
its hedge fund business. The resignation
of Anne Popkin, head of North American
marketing and client services, takes
effect Feb. 28. Marketer Jose Claxton has
also left the firm. Their exits follow the
departure of Lehman’s fund-of-funds
chief Jolyne Caruso in November and
the arrival a few weeks later of George H.
Walker 4th, the former Goldman Sachs
executive who heads Lehman’s invest-
ment-management area.
New York fund operator Anchorage
Capital has hired Natalie Birrell as its
chief operating officer. She joined the
$2.5 billion firmthis month to help stan-
dardize its operations. Birrell oversees all
THE GRAPEVINE
See GRAPEVINE on Back Page
Boldt Starts Firm to Outsource CIO Function
Bob Boldt, former head of University of Texas Investment, has started an busi-
ness through which he will performthe functions of a chief investment officer for
foundations and endowments. Boldt, who left the Austin, Texas, endowment manager in September, has been
approaching prospective clients over the last three or four weeks.
The yet-to-be-named startup, run by Boldt and an unidentified partner, is tar-
geting foundations and endowments in the U.S. and abroad with assets of up to $2
billion. The firmwill also offer its services to wealthy individuals.
Boldt wants to serve as an investment-manager-for-hire to clients that aren’t big
enough to build a major investment operation on their own. Down the road, Boldt
also hopes to add investment products for pension plans.
He has a compelling story to tell. In 2002, he became chief executive of the Texas See BOLDT on Page 6
More Changes Afoot for Bear’s Brokerage
Bear Stearns has ruffled feathers among its staffers with the latest steps it has
taken to overhaul its prime-brokerage unit.
On Friday, the bank informed five of its seven “calling officers” of their
expanded roles: hawking Bear’s securities-lending, financing and conventional
clearing services to prospective hedge fund clients. Until now, those staffers had
been helping hedge funds deal with problems or find their way around the
investment bank when they needed services outside of the prime-brokerage
area.
The move is one of a number of changes the bank has made since merging its
equity-derivatives and clearing groups with its traditional stock-lending area in
September. In November the president of Bear Stearns Securities, Richard Lindsay,
resigned as the bank’s revenue growth from its clearing operations began to slow See BEAR on Page 6
IRS Gives Non-Profit Fund Investors a Break
The IRS delivered some good news last month to non-profit investors in hedge
funds.
At the end of January, the agency reported that a tax-exempt entity would not
be penalized for being an investor in a hedge fund that engaged in what the IRS
considers prohibited tax shelters. The possibility that such investors could be held
liable for the actions of their hedge funds’ managers was raised by legislation that
was signed into law in May. The Tax Increase Prevention and Reconciliation Act was intended to target non-
profits that collected fees in return for helping taxable entities defer income until
it could be reported at a lower tax rate. But before the January clarification by the
IRS, the lawseemed to leave the non-profit investors in hedge funds open to scruti-
ny, and threatened to force them to file disclosure statements with the IRS about
their investments. The agency’s pronouncement came a couple of months after it issued a ruling
See IRS on Page 4
3 Soros Alum Targets Illiquid Holdings 3 Funds Become Major CMBS Buyers 3 UK Firm Preps Liquid Alternative 4 Healthcare Fund Tally Rose in ’06 4 Ex-Level Global Pro Plans Incubator 4 Deloitte Examining Zwirn’s Books 6 Ex-Goldman, E&Y Pros Set to Launch 9 Commerzbank Crafting Suite of Funds 9 Securitization Vets Start CDO Fund 10 CALENDAR
11 LATEST LAUNCHES
FEBRUARY 14, 2007
Two marketers have left Lehman
Brothers’ absolute-return strategies
group, which recently saw changes in
the senior management and structure of
its hedge fund business. The resignation
of Anne Popkin, head of North American
marketing and client services, takes
effect Feb. 28. Marketer Jose Claxton has
also left the firm. Their exits follow the
departure of Lehman’s fund-of-funds
chief Jolyne Caruso in November and
the arrival a few weeks later of George H.
Walker 4th, the former Goldman Sachs
executive who heads Lehman’s invest-
ment-management area.
New York fund operator Anchorage
Capital has hired Natalie Birrell as its
chief operating officer. She joined the
$2.5 billion firmthis month to help stan-
dardize its operations. Birrell oversees all
THE GRAPEVINE
See GRAPEVINE on Back Page
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Or call 201-659-1700. You can also complete the Order Form on the last page of this newsletter and fax it to 201-659-4141.
February 17, 2010 10
Hedge Fund
ALERT
CALENDAR

Main Events
Dates Event Location Sponsor Information
March 10-13 Boca 2010 Boca Raton, Fla. FIA www.futuresindustry.org
April 19-23 Fund Forum Asia 2010 Hong Kong ICBI www.icbi-events.com
May 2-4 Global Hedge Fund Summit Southampton, Bermuda Institutional Investor www.marhedge.com
May 12-14 Emerging Managers Summit Chicago Opal www.opalgroup.net
June 14-17 GAIM International 2010 Monaco ICBI www.icbi-events.com
June 28-July 1 Fund Forum International 2010 Monaco ICBI www.icbi-events.com
Sept. 26-28 Alpha Hedge Institutional Investment Conference San Francisco Institutional Investor www.marhedge.com

Events in US
Dates Event Location Sponsor Information
Feb. 21-23 Alternative Investments North America Summit Amelia Island, Fla. Marcus Evans www.marcusevans.com
Feb. 22 Active-Passive Investor Summit New York IMN www.imn.org
Feb. 22-24 TradeTech New York WBR www.wbresearch.com
Feb. 23 Evolving Concepts in Risk Management/Measurement New York Infovest 21 www.infovest21.com
Feb. 25 Surviving a Hedge Fund Operational Due Diligence New York FTF www.ftfnews.com
Feb. 25 P.E. Fundraising From Family Off. & Wealthy Individuals New York Capital Roundtable www.capitalroundtable.com
Feb. 25-26 Emerging Markets Investor Forum New York Private Equity Intl. www.peimedia.com
Feb. 26 Distressed Investing Leaders Forum 2010 New York Golden Networking www.goldennetworking.com
March 1 Trading Regulation & Compliance Forum New York FRA www.frallc.com
March 1-3 Distressed Investment Summit Huntington Beach, Calif. IMN www.imn.org
March 2-3 Global Real Assets Investment Forum New York Institutional Investor www.iiconferences.com
March 3 Anti-Money Laundering & Financial Crimes Conference New York SIFMA www.sifma.org
March 3 Derivatives & Hedge Accounting Boston FTF www.ftfnews.com
March 3 Surviving a Hedge Fund Operational Due Diligence Boston FTF www.ftfnews.com
March 4 How to Launch a Hedge Fund Boston FTF www.ftfnews.com
March 7-10 Family Office Forum Palm Beach, Fla. NMS Management www.nmsmanagement.com
March 10 Exchange Traded Funds Investing Summit 2010 New York iGlobal Forum www.iglobalforum.com

Events Outside US
Dates Event Location Sponsor Information
Feb. 22-23 Institutional Investors’ Congress Vienna Opal www.opalgroup.net
Feb. 22-25 Asset Allocation Summit Australia 2010 Sydney Terrapinn www.terrapinn.com
Feb. 25 HIFREQ TRADE London In Vantage Group www.invantage-group.com
Feb. 26 Hedge Fund Regulation, Reporting & Controls London Infoline www.infoline.org.uk
Feb. 28-March 3 GAIM Ops Cayman Grand Cayman IIR www.iirusa.com
March 1-4 Hedge Funds World Middle East 2010 Dubai Terrapinn www.terrapinn.com
March 3-4 Distressed Debt & Restructurings Frankfurt C5 www.c5-online.com
March 10-11 Microfinance Investment Summit Geneva C5 www.c5-online.com
March 11 Rights & Responsibilities of Institutional Investors Amsterdam Institutional Investor www.iiconferences.com
March 15-17 Asset Allocation Summit Asia 2010 Hong Kong Terrapinn www.terrapinn.com
March 16-18 Alternative Asset Allocation Seminar London EDHEC www.edhec-risk.com
March 17-18 AsiaHedge Forum 2010 Hong Kong Hedge Fund Intel. www.hedgefundintelligence.com
March 19 Institutional Property Investor London AI Conferences www.aiconferences.com
March 22-23 International Life Settlements Conference 2010 London Deal Flow Media www.dealflowmedia.com
March 23-26 Asset Allocation Summit Africa 2010 Cape Town Terrapinn www.terrapinn.com
March 29-31 Real Estate Investment World China 2010 Beijing Terrapinn www.terrapinn.com
March 29-31 Timberland Investing Latin America Summit 2010 Sao Paulo IQPC www.iqpc.com
To view the complete conference calendar, visit The Marketplace section of HFAlert.com

To start your subscription, return to the e-mail we sent with this issue and click on the "subscribe now” link.
Or call 201-659-1700. You can also complete the Order Form on the last page of this newsletter and fax it to 201-659-4141.
February 17, 2010 11
Hedge Fund
ALERT
1-800-882-8684 | www. foundationsandendowmentssummit. com
March 24-25, 2010 | New York, NY
RETHINKING STRATEGIC
ASSET ALLOCATION:
• Pinpointing the asset classes
that suffered the biggest
losses over the past 2 years
• Dissecting what
opportunities are available
for foundations and
endowments
• Debating whether the
prospects for alternatives
are as good in the future as
they have been in the past
Here from:
Bucknell University
Robert Wood Johnson
Foundation
Museum of Virginia
Endowment Fund
University of
Connecticut Foundation
Penn State University
Pepperdine University
The Edward W. Hazen
Foundation
Jay Yoder, Former
Director of Investments
DePaul University
and Many Others!
&
2010 Investment Forum for
Endowments, Foundations and
Pension Funds (Los Angeles)
March 18, 2010 Los Angeles, CA
http://www.argyleforum.com/endowla2010
presents
Juan Carlos Artigas, Investment Research Manager, World Gold Council
Michael Beblo, Director of Private Equity, Alfred I. duPont Testamentary Trust
Nathan Fischer, Former Chief Investment Officer, The Lumina Foundation
Kenneth J. Frier, Chief Investment Officer, Hewlett-Packard Company
Lisa Mazzocco, Chief Investment Officer,
Los Angeles County Employees Retirement Association
Stuart Odell, Assistant Treasurer Director, Retirement Investments, Intel
Corporation
Jeffrey Scott, Chief Investment Officer, Alaska Permanent Fund
Lincoln K. Walworth, Director - Investments, AAA Northern California,
Nevada & Utah
Johnny Wu, Managing Director, Head of Institutional Coverage Group,
Investor Solutions Americas, Barclays Capital
Mark Yusko, President and Chief Investment Officer, Morgan Creek Capital
LATEST LAUNCHES

Fund
Portfolio managers,
Management company Strategy Service providers Launch
Equity at
Launch
(Mil.)
SW Global Credit Opportunity Fund
Domicile: U.S.
ASee Page 7
David Hinman and
Raymond Zucaro
SW Asset Management,
Newport Beach, Calif.
949-207-6313
Long/short:
emerging markets
Custodian: State Street
Law firm: Proskauer Rose
Auditor: PricewaterhouseCoopers

Jan. 1
To view all past Latest Launches entries, visit The Marketplace section of HFAlert.com


To start your subscription, return to the e-mail we sent with this issue and click on the "subscribe now” link.
Or call 201-659-1700. You can also complete the Order Form on the last page of this newsletter and fax it to 201-659-4141.
Patterson’s lieutenant on a new
corporate-credit fund that’s expected to
grow to $1 billion by yearend. Two weeks
ago, equity analyst Markus Homor joined
a new event-driven proprietary-trading
unit at Societe Generale in New York.
The unit is headed by Citadel Investment
alumnus Wayne Yu.
Sanem Tatlidil started last week as head
of investor relations for startup incuba-
tion firm Stride Capital of New York.
Tatlidil, who is a partner at Stride, previ-
ously worked at New York fund-of-funds
operator Archery Capital. Stride is headed
by Don Rogers, who has spent 15 years in
the hedge fund-seeding business, includ-
ing a stint at Skybridge Capital.
David Memmott left Morgan Stanley last
week to head the trading desk at ISI
Group, a New York broker-dealer that
caters to hedge funds, long-only man-
agers and pension funds. Memmott
spent 14 years at Morgan Stanley, includ-
ing five years heading the equity-trading
desk. He is currently on gardening leave
until mid-April.
Jennifer Strickland, who formerly
worked in investor relations for HBK
Capital of Dallas, starts this week at $4.5
billion hedge fund shop BlueMountain
Capital of New York. She will handle
investor relations and sales, reporting to
BlueMountain co-founder Stephen
Siderow.
Michelle Sweda has rejoined UBS’ capi-
tal-introduction team in Chicago, where
she worked from 2005 to late 2008 before
taking a job at commodity-trading advi-
sor 2100 Xenon. She now reports to
Charlotte Burkeman, head of UBS’ cap-
intro team.
Researcher Dustin Cappalletto left Verition
Fund Management last month. The
Greenwich, Conn., multi-strategy firm is
now scouting for a replacement. Verition’s
chief, Nicholas Maounis, led Amaranth
Advisors before that firm collapsed in
2006 because of a bad bet on natural gas.
Suzanne Heske, who had been selling
Fidelity Investment’s prime-brokerage
services until Jan. 24, is now in the
recruiting business. She joined San
Francisco search firm Innovations PSI
this month. Heske has spent 15 years in
the financial-services business, primarily
in the hedge fund industry.
Bob Kulperger joined the hedge fund
team at third-party marketer Park Hill
Group last month. Kulperger is a princi-
pal in the firm’s San Francisco office. He
previously spent seven months in the
sales and marketing group of New York
hedge fund operator Fir Tree Partners.
Before that, he was a vice president for
U.S. marketing at Toronto-based
Northwater Capital.
A slew of hedge fund operators —
including Caxton Associates, Davidson
Kempner, J.P. Morgan Asset Management,
Paulson & Co., Perella Weinberg Partners
and Third Avenue Management — are
considering a play for troubled
Blockbuster Video. Competition from
Netflix and digital video recorders has
eroded Blockbuster’s customer base,
forcing the sale of assets. But potential
acquirers believe the company still has
plenty of value left to salvage.
... From Page 1
THE GRAPEVINE
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Steve Chambers Senior Writer 201-234-3990 schambers@hspnews.com
Ralph R. Ortega Senior Writer 201-234-3996 rortega@hspnews.com
Jake Stuiver Senior Writer 201-234-3964 jstuiver@hspnews.com
Suchita Nayar Contributor 201-659-1700 snayar@hspnews.com
Andrew Albert Publisher 201-234-3960 andy@hspnews.com
Daniel Cowles General Manager 201-234-3963 dcowles@hspnews.com
Thomas J. Ferris Editor 201-234-3972 tferris@hspnews.com
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Ben Lebowitz Deputy Editor 201-234-3961 blebowitz@hspnews.com
Michelle Lebowitz Operations Director 201-234-3977 mlebowitz@hspnews.com
Mary E. Romano Advertising 201-234-3968 mromano@hspnews.com
Joy Renee Selnick Layout Editor 201-234-3962 jselnick@hspnews.com
Barbara Eannace Marketing Director 201-234-3981 barbara@hspnews.com
JoAnn Tassie Customer Service 201-659-1700 jtassie@hspnews.com
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ALERT
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