NEW YORK (HedgeWorld.com)–UBS PaineWebber Inc. filed with the Securities and Exchange Commission to sell a publicly offered long/short equity hedge fund of funds, UBS PW Opportunity Fund LLC.

The Opportunity Fund offers relatively low minimums with investor qualifications that are similar to other publicly offered closed-end hedge funds. The fund carries a US$50,000 minimum and the requirement that buyers be qualified investors, meaning they need a net worth of US$1.5 million or meet other criteria.

The fund charges a management fee of 1.75%, while other expenses bring total annual fees to 2.05% of assets. Apparently, there is no performance fee aside from what the underlying managers charge. Investments under US$125,000 will be charged a sales load of 2%.

UBS PaineWebber officials declined comment because the fund is in its regulatory quiet period. UBS PaineWebber has registered a number of other hedge funds with the SEC, most recently the UBS PW Credit & Recovery Fund LLC, a distressed debt fund.

PFPC is the fund administrator, Stroock & Stroock & Lavan LLP, New York, is the legal counsel, and Ernst & Young LLP is the fund auditor.