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Portfolio > Portfolio Construction

Gemini: Capital Structure Arb Fund Launched

By Staff Writer

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PARSIPPANY, New Jersey (HedgeWorld.com)–Gemini Investment Strategies LLC announced that on Jan. 5, it launched its main investment vehicle, the Gemini Master Fund Ltd.

For domestic investors, the feeder fund is Gemini Partners LP, and for offshore investors the feeder fund is Gemini Overseas Fund Ltd. Each of these three funds is unregistered.

“We’re looking for relationships between debts and equity or between different classes of debt from the same issuer,” said Steven Winters, one of the founders of Gemini Investment Strategies. He and the other GIS principal, Richard Yakomin, will share portfolio management responsibilities for these funds, which will have a US$1 million minimum investment and a fee structure consisting of 1.5% for management and 20% for performance.

Goldman Sachs is the funds’ prime broker; RK Consulting, the administrator; Duval & Stachenfeld, LLP, a New York law firm, the counsel.

Prior to founding GIS, Mr. Yakomin was a managing director and portfolio manager at Palladin Group LP. Maplewood, New Jersey. There he oversaw US$250 million of assets in domestic convertible arbitrage portfolios. Mr. Winters also was a managing director and portfolio manager at Palladin, overseeing that firm’s multi-strategy, special situations and convertible PIPE portfolios.

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