Bloomberg – AIFAM Inc., a New York-based hedge fund with about $600 million in assets, started a fund of hedge funds that invests in managers who use a long-short equity strategy, as it aims to raise money from Japanese pension funds.
The AIFAM Hedged Equity Fund started today with $17 million of internal capital and is expected to increase assets to about $50 million by the end of March through allocations from Japanese pension funds, said Takuma Aoyama, chief investment officer of AIFAM, which is 24.9 percent owned by Tokio Marine Holdings Inc. The fund, which will have a maximum capacity of about $1 billion, will aim to raise about $150 million in the first year, he said.
