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Rose Glen Capital Launches Treesdale Seeds Fixed I

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NEW YORK (–Treesdale Partners LLC launched its fund of funds on Oct. 1 with US$14 million, with seed capital from the LongChamp Group, a New York-based family office.

The onshore and offshore funds, Treesdale Fixed Income Fund LP and Treesdale Fixed Income Fund Ltd., employ the same strategy as a diversified portfolio of relative value fixed-income hedge funds. The LongChamp group plans to allocate its future fixed-income arbitrage exposure through Treesdale’s funds. Both firms plan to leverage off of each other. That strategic alliance combines Treesdale’s fixed-income expertise with LongChamp’s hedge fund investing experience and qualitative due diligence.

Other initial investors include two other family offices that have significant fixed-income hedge fund investment experience. Two European institutions are considering using Treesdale’s fixed-income arbitrage expertise rather than hiring in-house specialists, according to a Treesdale announcement.

Treesdale uses advanced risk management analytics, which are customized to evaluate and monitor fixed-income hedge fund risks. The qualitative due diligence is performed according to a checklist, which includes reviewing the past experience of the managers, a full legal and accounting review and checking references with former employers, other investment professionals and investors.

Yung Lim and Dennis Rhee founded Treesdale and announced the launch of the firm’s funds earlier this year Previous HedgeWorld Story. Mr. Lim was a risk manager of Merrill Lynch’s mortgage desk, while Mr. Rhee was a fixed-income derivatives specialist at Goldman Sachs.

The Treesdale Fixed Income Funds have a US$250,000 investment minimum. Service providers include: Seward & Kissel, legal counsel; Citco Fund Services (USA) Inc., onshore fund administrator; Sterling Management (1985) Ltd., offshore administrator; and PricewaterhouseCoopers, auditor.