LOS ANGELES (HedgeWorld.com)–Helix Investment Partners LLC will begin offering its first multi-strategy fund combining the strategies of its three existing single-strategy funds on Aug. 1.
The Helix Multi-Strategy Fund will be dependent on the Helix model, which is used to identify misevaluations between the debt and equity of the same company. The strategies included in the new fund will be: Helix Convertible Arbitrage Global, Helix Credit Arbitrage and Helix Busted Convertible. Officials hope to raise US$50 million in the multi-strategy fund by year-end.
The firm’s credit valuation model that is used in the day-to-day management of the funds dates back to 1990. The proprietary model called Helix Credit Ratings uses quantitative and statistical approaches to determine relative value and risks associated to corporate securities. The multi-strategy fund will be allowed to deploy capital to the specific strategies that offer the most attractive risk/return profile.
The fund’s portfolio managers are Marko Budgyk and Sekhar Venkatraman. Mr. Budgyk is the credit arbitrage and busted convertible portfolio manager and co-founded Helix, which has grown to total US$400 million in assets under management. Mr. Venkatraman is the convertible arbitrage global fund portfolio manager and joined the firm in 2002 after being the head of equity-linked trading for BNP Paribas Securities (Japan), where he managed a proprietary Japanese convertible arbitrage portfolio.
The Helix Multi-Strategy Fund is starting with US$15 million plus in seed capital and is offered in both an onshore and offshore structure, with the offshore fund being domiciled in the Cayman Islands.
Service providers for the multi-strategy fund are: Bear Stearns and Goldman Sachs, prime brokers; Morgan, Lewis & Bockius, onshore legal counsel; Maples and Calder, offshore legal counsel; Rothstein Kass & Co., auditor; and BNY Alternative Investment Securities Ltd., administrator.