BlueCrest Affiliate IPO on Track

A public offering on NASDAQ from the American arm of Guernsey-based BlueCrest appears to be going forward, with underwriting done by Credit Suisse and a commitment from executives of the hedge fund firm to buy shares.

BlueCrest, among the largest hedge fund managers worldwide with $25-billion in total assets, is best known for BlueTrend, a top commodity trading advisor program managed by Leda Braga.

 But as we reported here in May, the US fund that is expected to go public pursues a very different strategy. It lends to venture capital-backed firms. 

BlueCrest co-founder Michael Platt and other principals of the firm have committed to buying a block of the common stock. They will buy at the public offering price minus certain costs.

As soon as the offering takes place, the public entity is to acquire a portfolio of investments from the BlueCrest Master Fund.

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