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September 05, 2002 at 08:00 PM
NEW YORK (HedgeWorld.com)–Citigroup Alternative Investments is putting together a new fund of funds, which will allow high-net-worth and institutional investors to choose between two series of shares depending on their appetites for risk.
The initial closing date for the two series is expected to be Dec. 2, according to a filing with the U.S. Securities and Exchange Commission last week. It was not clear how much the firm hoped to raise for the strategy or whether additional offerings might follow.
Series-A shares of the Citigroup Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC will seek T-Bill returns, plus 6% over a three-to-five year horizon with a standard deviation of less than 5.5%. Series B shares will seek T-Bill rates plus 8% over the same horizon with a standard deviation of less than 7.5%, according to SEC documents.
Included in the investment mix will be discretionary strategies that make directional bets based on anticipated economic or technical trends and valuation inefficiencies. Underlying funds may include global macro and long/short equity funds. Other styles may include equity arbitrage strategies, statistical arbitrage, equity market neutral, and fixed-income arbitrage. Merger arb, convertible arb and distressed-securities funds also may be included.
