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Spyglass Capital To Close To Investors Next Year

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NAPLES, Fla. (–Spyglass Capital’s onshore and offshore funds will close to new investors on Jan. 1 and will be closed to new capital on March 1, said Paul Brodsky, chief executive of the fixed-income arbitrage firm.

Currently, the two funds have US$150 million in assets and the infrastructure and professional staff are in place to handle the organic growth of the strategy after March. To complete its trading desk, Spyglass hired Stanley A. Vukmer in February to handle securities trading, quantitative analysis and risk management of the funds.

“We estimate, with the investors we know and those that are in the pipeline, that by Jan. 1 we should have a roster of good high-quality investors,” Mr. Brodsky said.

Spyglass launched its offshore fund on this year, following the five years of strong performance of its five-year-old onshore fund Spyglass Capital LP. (Previous HedgeWorld Story) The firm’s narrow investment strategy is focused on interest rate arbitrage and volatility arbitrage opportunities and has proven successful yielding double-digit returns as other mortgage-backed investors have stumbled.