{"id":35221,"date":"2013-05-02T09:39:30","date_gmt":"2013-05-02T13:39:30","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=35221"},"modified":"2013-05-02T09:57:56","modified_gmt":"2013-05-02T13:57:56","slug":"zombie-hedge-funds-being-snapped-up-by-new-joint-venture","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/05\/2013\/zombie-hedge-funds-being-snapped-up-by-new-joint-venture.html","title":{"rendered":"Zombie Hedge Funds Being Snapped Up By New Joint Venture"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/05\/OB-TL096_ZOMBIE_DV_20120619193437.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-35232\" alt=\"Zombie ETFs NYT\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/05\/OB-TL096_ZOMBIE_DV_20120619193437.jpg\" width=\"183\" height=\"276\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/05\/OB-TL096_ZOMBIE_DV_20120619193437.jpg 262w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/05\/OB-TL096_ZOMBIE_DV_20120619193437-199x300.jpg 199w\" sizes=\"auto, (max-width: 183px) 100vw, 183px\" \/><\/a>New York (HedgeCo.Net) $7.3 billion\u00a0hedge fund secondary buyer\u00a0Crestline Investors Inc, and merchant banker\u00a0Kirchner Group have joined forces to launch a joint venture with the aim of buying up so-called zombie funds from their original private equity sponsors, according to a Reuters report.<\/p>\n<p>The new team, called The Crestline-Kirchner Private Equity Group, has plans to buy and then invest in underperforming hedge funds.<\/p>\n<blockquote><p>&#8220;The universe of U.S. zombie funds &#8211; poor-performing private equity funds whose managers have little hope of raising more money &#8211; measures about $100 billion in assets.&#8221;<em> According to industry estimates cited by the two firms.<\/em><\/p><\/blockquote>\n<p>W.B. (Bud) Kirchner and Dave Philipp, head of asset management for Kirchner Group will be running the new group.<\/p>\n<p>&#8220;This is for us an ongoing business model,&#8221; Paul Choy, managing director of Kirchner Group\u00a0said in an interviw with Reuters. &#8220;We replace or complement the GP in underperforming funds, turn them around on behalf of the LPs, accelerate return of capital, and recover value within the portfolio. With the joint venture with the Crestline Investors, we are accelerating and expanding that program.&#8221;<\/p>\n<p>Crestline Investors currently has\u00a0$1.9 billion allocated for &#8220;opportunistic investments&#8221; which the\u00a0Crestline-Kirchner Private Equity Group will tap into.<\/p>\n<p>The New York Times reported in 2012 that four years after the onset of the financial crisis, tens of billions of dollars remain locked up in illiquid \u201czombie\u201d hedge funds that suspended their redemptions in the darkest days of the meltdown.<\/p>\n<p>Alex Akesson<br \/>\nEditor for\u00a0<a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.Net<\/a>\u00a0is a premier\u00a0<a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\/\">hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) $7.3 billion\u00a0hedge fund secondary buyer\u00a0Crestline Investors Inc, and merchant banker\u00a0Kirchner Group have joined forces to launch a joint venture with the aim of buying up so-called zombie funds from their original private equity sponsors, according to a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-35221","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/35221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=35221"}],"version-history":[{"count":9,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/35221\/revisions"}],"predecessor-version":[{"id":35225,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/35221\/revisions\/35225"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=35221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=35221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=35221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}