NEW YORK (HedgeWorld.com)–Focus Investment Group in June will launch a new class of shares for its seed capital fund of funds called Focus Star, which has helped its underlying managers reach US$600 million in assets.
The Class C shares are targeted to high-net-worth individuals, family offices and asset management firms that need more liquidity, said Eugenio Verzili, managing director of the Focus Investment Group. The shares will offer quarterly liquidity and fee participation from its underlying managers. Unlike the existing Class A shares, Class C shares have no lock-up period.
Class A shares have a three-year lock-up period and are aimed at institutional investors with a US$10 million investment minimum. The C shares will only have a US$1 million investment minimum. So far the Focus Star has US$85 million with 18 underlying managers that Focus has seeded.
Mr. Verzili expects that the new share class will raise US$100 million in additional capital in the next three months. Overall, Focus manages US$1 billion in assets in absolute return offerings.
The Focus Star fund has a three-year track record Previous HedgeWorld Story. Through the seeding program, the underlying managers remain independent of Focus with no equity stake and manager participation has a specific expiration date, according to the firm.