CHICAGO (HedgeWorld.com)–Harris Associates LP Alternative Investment Group officially launched the Aurora Offshore Fund Ltd. II on July 1.

The strategy is a continuation of the Aurora Offshore Fund Ltd., which closed to new investors on May 1. With US$1.3 billion in assets, this fund was the offshore version of Harris’ first hedge fund the Aurora Limited Partnership launched in 1988. It remains open to current and new investors and is primarily used by tax-exempt institutions.

The underlying funds will vary, but the overall strategy remains the same for the latest version of Aurora. The fund’s goal is capital appreciation with low correlation to the U.S. equity and fixed-income markets through the use of a multi-strategy and multi-manager investment philosophy.

Roxanne Martino, managing partner at the alternative investment group works with Scott Schweighauser and Anita Rival Rosenberg in overseeing the funds of funds portfolios and the private label separate accounts at Harris. The team uses a proprietary database of over 2,500 hedge fund managers as part of its due diligence process.

The alternative investment group totals US$2 billion in assets and offers a number of strategies such as absolute return, relative value arbitrage, global diversification and short selling.