NEW YORK (HedgeWorld.com)– Ivy Asset Management enhanced its presence in the high-net-worth market with two registered hedge funds of funds. Filed with the Securities and Exchange Commission yesterday as closed-end investment companies, each vehicle seeks to raise a maximum of US$25 million.
Ivy Multi Manager Hedge Fund targets above-average capital appreciation with low to moderate risk, according to the filing. It will have an equity component of value-oriented stock picking managers, a special situations portion that includes merger arbitrage and distressed debt strategies and a relative value component that covers convertible arbitrage and equity market-neutral.
Ivy Long/Short Hedge Fund has the objective of high capital appreciation with limited volatility. In addition to long/short funds, it will include managers that pursue primarily long investing. Manager selection is expected to emphasize bottom-up stock pickers but might also include some with a top-down approach based on identifying trends in the economy or certain sectors.
Ivy believes newer managers might be better able to pursue these strategies than more established funds that may be constrained by large amounts of capital, the filing indicates. Both portfolios limit investment in any one manager to no more than 10% of total assets and will not put more than 25% into any one industry.
