Hopeful Signs

Chidem Kurdas

In the last two days there were three news items suggesting positive developments for hedge fund capital raising.  One is that Blackstone Group increased its total assets to $166 billion as of December 31st from $128 billion a year ago, despite a net loss for the year. Part of that increase was in fund of hedge funds.

Meanwhile, Legg Mason started to offer a new fund of funds managed by its subsidiary, Permal. Legg Mason’s extensive distribution network may help buck the general down trend in the fund of funds sector.

The third item will be of special interest to medium and smaller fund managers that have good track records.  Ader Investment Management, backed by Gary Winnick’s Pacific Capital Group, says its new Accelerator Fund will allocate $1 billion of capital to qualified long/short equity managers.

According to Jason Ader, the vehicle will invest in talented and experienced fund managers to help accelerate their business growth. Expected individual manager allocations range from $25 million to $100 million.

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