RALEIGH, N.C. (HedgeWorld.com)–Hatteras Investment Partners’ move from the wealth management and endowments to hedge funds will solidify later this year with the launch of its first SEC-registered funds of funds.
Hatteras Multi-Strategy Fund I and II will be launched as soon as April 1 with an amendment forthcoming to change the name of Fund I to the TEI Fund LP, according to David Perkins, president and managing principal of Hatteras Investment Partners.
Hatteras was set up last year as Mr. Perkins made the transition from consulting to funds of funds management . The firm was co-founded by Mark W. Yusko, who is president and chief investment officer of Morgan Creek Capital Management LLC. Previously, Mr. Yusko was in charge of the investment program at UNC Management Co., Chapel Hill, N.C.
Officials hope to gather US$300 million in the combined funds. Together, the funds will invest in a master fund structure that was launched on Jan. 3.
According to fund documents, Hatteras Investment Partners LLC will invest in strategies and use advisers that are “typically available on a collective basis to larger institutions” through the Hattera Master Fund LP. One or more of six hedge fund strategies will be used. They are: opportunistic equity; enhanced fixed-income; absolute return; private equity; real estate and energy/natural resources. About half the portfolio’s target allocation is slated for opportunistic equity and enhanced fixed-income managers.
The investment minimum for the offerings is US$1 million, and fees are set at 1.25% for management and 10% for performance. Wilmington, Del.-based PFPC Inc. is the funds’ administrator.
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