NEW YORK (HedgeWorld.com)–Fund of funds manager Mezzacappa Investors LLC registered two new vehicles with the Securities and Exchange Commission.

One, Mezzacappa Long/Short Fund, allocates to managers that specialize primarily in long and short equity investing in publicly traded companies. Its investment objective is to “generate capital appreciation over a several year period with lower volatility than the broad equity markets,” according to the filing.

The other, Mezzacappa Multi-Strategy Plus Fund, invests in a variety of strategies. It will have at least 15 underlying managers and may have as many as 25 to 50 at any time.

A potential benefit that the products offer investors is access to managers “whose investment funds may be closed from time to time to new investors or who otherwise may place stringent restrictions on the number and type of persons whose money they will manage,” the filing states.

These funds are available only to accredited investors as defined under the Securities Act of 1933. Initial investment requires a minimum of US$2 million, and additional investment requires at least US$100,000.

Fees are a 1% management fee and a performance fee of 10% of profits above a preferred return. The firm recently registered another fund with similar features .

Mezzacappa Investors had more than US$800 million under management as of June 30, 2003, invested in more than 50 hedge funds. The management team, lead by Damon Mezzacappa, includes Darcy Bradbury, Francis Conroy, John D. Mills and Lenore A. Petteruti.

CKurdas@HedgeWorld.com