“Roughly 65%-70% of Dexion Absolute is in the sterling-share class. We are targeting different companies and hoping for a larger take-up of euros and dollars†Said Nick Browne, a director of Dexion Capital, speaking also for the new Australian dollar shares. He also said the goal of the fundraising is to widen the company’s reach with investors throughout the world who are keen for hedge fund assets. “Investors like the idea of being able to sell their investment in the secondary market whenever they want and being able to value the product whenever they want,†Browne said.
Dexion Absolute’s returns are based on investments in 56 hedge funds that are managed by Harris Alternatives LLC, a Chicago-based firm that has been running funds of hedge funds since 1988.
Similar vehicles backed by Goldman Sachs Group Inc. and Swiss private bank EFG International, are also raising about $500 million each for initial public offerings of their funds, a size that would put them ahead of all of the other London-listed fund-of-hedge-fund companies, except Dexion Absolute.
From total assets of $3 billion in March, the listed fund-of-hedge-funds sector is set to double this year as existing companies raise new shares and a growing queue of investment managers forms to launch new hedge funds.
Alex Akesson
Contributing Writer
HedgeCo.Net
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