MSNBC – The organisation that funds the Nobel Prizes has decided to invest in hedge funds for the first time, tapping three firms for its maiden investments.
The Nobel Foundation, which has more than $450m in managed capital, has invested in Corbin Capital Partners, Rock Creek Potomac fund and the Carnegie Worldwide Long/Short fund. Although the size of the investments was not disclosed, industry officials said winning an investment mandate of any size from Nobel would be seen a seal of approval for the three funds.
“It is an honour to have been selected by the Nobel Foundation – Nobel is the perfect example of the type of client fuelling our growth,” said Tracy McHale Stuart, Corbin’s chief executive officer.
Corbin is best known by its former name: Dubin & Swieca Capital Management. The $1.7bn New York fund of funds was started by Highbridge Capital’s Glenn Dubin and Henry Swieca in 1984.
