Hedge-Fund Launches Pick Up Despite Covid-19 Pandemic
Hedge-Fund Launches Pick Up Despite Covid-19 Pandemic
*DJ Hedge-Fund Manager Kapadia Has Raised Over $1 Billion in Committed Capital for New Firm XN, Sources Say
*消息人士稱，DJ對衝基金經理Kapadia已為新公司XN籌集了超過10億美元的承諾資本
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August 03, 2020 11:00 ET (15:00 GMT)
2020年8月3日美國東部時間11：00(格林尼治標準時間15：00)
*DJ XN's Launch Just One of Several Funds to Raise Money Despite Covid Impact
*DJ XN的推出只是幾個基金中的一個，儘管Covid Impact仍在籌集資金
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August 03, 2020 11:00 ET (15:00 GMT)
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*DJ Goldman, Morgan Stanley Expect to Launch About 20% More Hedge Funds This Year Than Last Year
*DJ高盛，摩根士丹利預計今年推出的對衝基金將比去年增加約20%
(MORE TO FOLLOW) Dow Jones Newswires
(更多後續報道)道瓊斯通訊社
August 03, 2020 11:00 ET (15:00 GMT)
2020年8月3日美國東部時間11：00(格林尼治標準時間15：00)
DJ Hedge-Fund Launches Pick Up Despite Covid-19 Pandemic
儘管新冠肺炎大流行，DJ對衝基金推出的股票仍在回升
By Juliet Chung
朱麗葉·鍾(Juliet Chung)著
Raising money for a new hedge fund long was contingent on a host of in-person meetings. But a slate of managers are launching sizable startup funds despite complications wrought by the new coronavirus.
長期以來，為一隻新的對衝基金籌集資金取決於一系列面對面的會議。但是，儘管新的冠狀病毒帶來了複雜的情況，但一批基金經理正在推出規模可觀的啟動基金。
Hedge-fund manager Gaurav Kapadia has raised one of the biggest, with more than $1 billion in committed capital for his new firm, XN LP, according to people familiar with the firm. XN invests in stock markets as well as in private companies and is up 7.4% after fees since its July 1 start, according to a person familiar with the fund. In a Monday letter to clients viewed by The Wall Street Journal, Mr. Kapadia wrote he had started fundraising in February -- "what now seems a lifetime ago."
據知情人士透露，對衝基金經理高拉夫·卡帕迪亞(Gaurav Kapadia)籌集了規模最大的基金之一，為他的新公司XN LP籌集了超過10億美元的承諾資本。據一位知情人士透露，XN既投資於股市，也投資於私人公司，自7月1日啟動以來，扣除費用後上漲了7.4%。在“華爾街日報”(The Wall Street Journal)看到的一封週一寫給客户的信中，卡帕迪亞寫道，他從2月份開始籌款--“現在看來，這似乎是很久以前的事了。”
"We know that it would have been easier for you to defer a decision or default to working with your existing investees. Instead, many of you made exceptions to your investment and operational due diligence processes to accommodate the new remote world," wrote Mr. Kapadia, 39 years old. He previously co-founded stockpicking hedge fund Soroban Capital Partners.
39歲的卡帕迪亞寫道，“我們知道，對你們來説，推遲決定或默認與現有的被投資人合作會更容易。相反，你們中的許多人為了適應新的偏遠世界，對自己的投資和運營盡職調查程序做出了例外處理。”他之前與人共同創立了選股對衝基金索羅班資本合夥公司(Soroban Capital Partners)。
"XN" references the mathematical notation for exponential growth.
“XN”指的是指數增長的數學符號。
Just a few months ago, Covid-19 and the ensuing lockdowns appeared to wreak havoc on fund startups, dashing opportunities for investors to vet managers and their teams and sites in-person. Research-firm HFR said launches in the first quarter fell to an estimated 84, the lowest quarterly figure it had tracked since the fourth quarter of 2008.
就在幾個月前，新冠肺炎和隨之而來的政府停擺似乎對基金初創公司造成了嚴重破壞，破壞了投資者親自審查基金經理及其團隊和網站的機會。研究公司HFR表示，第一季度的發行量降至估計的84架，這是該公司追蹤的自2008年第四季度以來的最低季度數字。
But executives for both Goldman Sachs Group Inc. and Morgan Stanley currently expect to launch about 20% more hedge funds this year than last year if plans hold.
但高盛集團(Goldman Sachs Group Inc.)的高管。摩根士丹利目前預計，如果計劃保持不變，今年推出的對衝基金將比去年多20%左右。
"We thought back in March and April that people planning on launching would delay, but they've gone forward" looking at the investment environment, said Darren Levy, Morgan Stanley's co-head of prime brokerage in the Americas.
摩根士丹利(Morgan Stanley)美洲大宗經紀業務聯席主管達倫·利維(Darren Levy)表示：“我們在3月和4月時就認為，計劃推出的人會推遲，但他們已經向前推進了”，着眼於投資環境。
He said the managers were more focused on starting up and posting strong returns than on the size of their firms on day one.
他説，經理們在第一天更專注於啟動和公佈強勁的回報，而不是他們公司的規模。
Fundraisers say relatively strong March performance by hedge funds is driving some of the interest from investors, even if new firms this year are smaller than they might otherwise have been. Hedge funds lost roughly a third of the stock market's peak-to-trough loss in the first quarter, better than in the financial crisis and some more recent selloffs, according to a Goldman Sachs report.
籌款人表示，對衝基金3月份相對強勁的表現正在推動投資者的部分興趣，儘管今年新公司的規模比其他情況下要小。根據高盛(Goldman Sachs)的一份報告，對衝基金在第一季度股市從峯頂到谷底的虧損中損失了大約三分之一，比金融危機期間和最近的一些拋售要好。
The Goldman report surveyed more than 250 institutional investors and found hedge funds had become the most popular area in which investors wanted to increase their exposure, with 37% of the investors looking to add to the space. Private debt and private equity were the next most popular choices, at 25% and 19%.
高盛的報告調查了250多家機構投資者，發現對衝基金已成為投資者希望增加敞口的最受歡迎的領域，37%的投資者希望增加這一空間。私募債務和私募股權是緊隨其後的最受歡迎的選擇，分別為25%和19%。
Other notable launches in recent months include New York-based Hein Park Capital Management, started by former Soros Fund Management portfolio manager Courtney Carson, and stockpicking fund Washington Harbour Partners LP.
近幾個月來其他值得注意的基金包括總部位於紐約的Hein Park Capital Management，由前索羅斯基金管理公司(Soros Fund Management)投資組合經理考特尼·卡森(Courtney Carson)創立，以及選股基金Washington Harbour Partners LP。
Mr. Carson, 40, launched credit fund Hein Park in February and has raised roughly $1.2 billion in committed capital, including money committed in recent months, said people familiar with the firm. Mr. Carson sat on the management committee at George Soros's personal investment firm before he left in 2019 and counts Jonathan Soros and Robert Soros as investors, one of the people said.
據熟悉該公司的人士説，現年40歲的卡森在2月份成立了信貸基金Hein Park，並已籌集了約12億美元的承諾資本，其中包括近幾個月承諾的資金。其中一位知情人士説，卡森在2019年離職前是喬治·索羅斯(George Soros)個人投資公司的管理委員會成員，投資者包括喬納森·索羅斯(Jonathan Soros)和羅伯特·索羅斯(Robert Soros)。
Mina Faltas, 42, started Washington Harbour in May with more than $500 million and has commitments to take in more money this fall. Mr. Faltas previously co-founded hedge-fund Nokota Management LLP. His new fund has gained 27% since May investing in small- to midcap stocks, said a person familiar with the fund.
42歲的米娜·法爾塔斯(Mina Faltas)在5月份以超過5億美元的資金創辦了華盛頓港，並承諾今年秋天將獲得更多資金。法爾塔斯此前是對衝基金Nokota Management LLP的聯合創始人。一位知情人士説，他的新基金自5月份以來投資於中小盤股的收益已達27%。
Additionally, Neeraj Chandra started Untitled Investments LP in April. Untitled invests in public and private companies and had about $260 million in assets under management as of early July, according to a regulatory filing. It has several hundred million more in additional commitments expected this year, people familiar with the fund said, and was up more than 20% since April.
此外，Neeraj Chandra在4月份開始了Untitle Investments LP。一份監管申報文件顯示，無標題投資於上市公司和私營公司，截至7月初管理的資產約為2.6億美元。知情人士説，該基金預計今年還會有數億美元的額外承諾，自4月份以來已經上漲了20%以上。
Mr. Chandra, 38, was one of Tiger Global Management's earliest employees.
現年38歲的錢德拉是老虎環球管理公司最早的員工之一。
One of the most anticipated potential launches is Alua Capital Management, from former Viking Global Investors co-chief investment officer Tom Purcell and former Lone Pine Capital managing director Marco Tablada. The firm could start trading with client money as early as the fourth quarter, said people familiar with the matter. Mr. Purcell and Mr. Tablada, who have invested their personal wealth together for several years, have spoken with possible investors, the people said.
最受期待的潛在推出之一是Alua Capital Management，來自前維京全球投資者(Viking Global Investors)聯席首席投資官湯姆·珀塞爾(Tom Purcell)和前龍鬆資本(Lone Pine Capital)董事總經理馬爾科·塔布拉達(Marco Tablada)。知情人士説，該公司最早可能在第四季度開始用客户資金進行交易。知情人士説，珀塞爾和塔布拉達已經與可能的投資者進行了交談，他們已經將個人財富一起投資了幾年。
Mr. Purcell has discussed putting several hundred million dollars of his own money into the fund, one of the people said.
其中一位知情人士説，珀塞爾已經討論過將自己的數億美元投入該基金。
The virus has impacted fundraising beyond restricting in-person meetings. With endowments and hospital systems grappling with uncertainty about the pandemic's impact on their business models, some managers are allowing them to commit to a certain size investment but fund it over time instead of all at once, said Morgan Stanley's Mr. Levy.
這種病毒不僅限制了面對面的會議，還影響了籌款活動。摩根士丹利(Morgan Stanley)的利維説，隨着捐贈基金和醫院系統努力應對疫情對其商業模式影響的不確定性，一些經理允許它們承諾一定規模的投資，但隨着時間的推移而不是一次性提供資金。
In his letter, Mr. Kapadia wrote that XN had a 22-person team and that nearly all clients had opted into a share class allowing for up to 35% of their money to be invested in private companies. XN will have a concentrated portfolio and hold positions for the long term, he wrote. As of July 1, it had about $655 million in assets under management, according to a regulatory filing.
卡帕迪亞在信中寫道，XN有一個22人的團隊，幾乎所有客户都選擇了股票類別，允許將高達35%的資金投資於私人公司。他寫道，XN將擁有一個集中的投資組合，並長期持有頭寸。根據一份監管申報文件，截至7月1日，該公司管理的資產約為6.55億美元。
He also said Carl Bass and Rob Marcus, former chief executives of Autodesk Inc. and Time Warner Cable, would be joining as executive partners to help source and vet investments. The investment environment is "among the most compelling of our careers," Mr. Kapadia wrote. He said significant dispersion across the market and among "COVID winners" was likely to occur.
他還説，Autodesk Inc.前首席執行官卡爾·巴斯(Carl Bass)和羅布·馬庫斯(Rob Marcus)。和時代華納有線電視(Time Warner Cable)將作為執行合夥人加入，幫助尋找和審查投資。卡帕迪亞寫道，投資環境是“我們職業生涯中最引人注目的領域之一”。他説，在整個市場和“COVID獲勝者”中可能會出現顯著的分散。
Write to Juliet Chung at juliet.chung@wsj.com
寫信給Juliet Chung，電子郵件：juliet.chung@wsj.com
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August 03, 2020 11:00 ET (15:00 GMT)
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