PARIS (HedgeWorld.com)–BAREP Asset Management officially launched its new long/short equity program with more than US$100 million in assets under management.
The new fund, BAREP Condor Long Short Equity, had a soft launch in December with US$15 million in seed capital, following a six-month incubation period. Barep executives are targeting a maximum of US$300 million in assets in the new fund.
The fund trades mainly large-cap equities from an investment universe of 400 European stocks that are screened on a daily basis. The portfolio manager, Olivier Rufflet, is using a short-term trading horizon–ranging from a few days to several weeks–that is based on technical analysis. Mr. Rufflet’s track record trading European equity markets spans the past 15 years.
Officials said its aim, like that of the other Barep funds, is to attract institutional investors by offering daily liquidity, low volatility and controlled drawdown. Last year, the company launched a levered convertible arbitrage fund for non-U.S. investors called BAREP Convertible Arbitrage Enhanced Fund (see ).
Barep Asset Management handles more than 50 investment funds in a number of alternative investment strategies such as managed futures, emerging market debt, arbitrage and multi-manager offerings.