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Portfolio > Alternative Investments > Hedge Funds

Updated: Nobel Group Awards Hedge Funds

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NEW YORK (–The foundation charged with managing the pool of money out of which Nobel Prize winners are paid made its first hedge fund investments recently, and among those selected to manage assets were Corbin Capital Partners, a New York fund of funds firm, Rock Creek Group, Washington, D.C., and Carnegie Asset Management, Copenhagen, Denmark.

The 3.4 billion Swedish kroner ($450 million) Nobel Foundation, established in 1900 as part of the estate of Alfred Nobel, gave undisclosed amounts of money to Corbin, Rock Creek and Carnegie.

Corbin, which manages $1.8 billion in assets, is the successor firm to Dubin & Swieca Capital Management, founded by Glenn Dubin and Henry Swieca, who also founded Highbridge Capital Management and have run it for JP Morgan Chase since the bank bought it in 2004.

“It is an honor to have been selected by the Nobel Foundation,” said Tracy McHale Stuart, chief executive of Corbin Capital, in a statement. “We are committed to a strong partnership with Nobel as they begin their hedge fund program.”

Rock Creek, a fund of funds, began as the hedge fund business of the Carlyle Group, a private equity firm. Afsaneh Beschloss is president and chief executive of Rock Creek; she is also the former treasurer and chief investment officer for the World Bank.

Carnegie manages the Carnegie Worldwide Long/Short fund and is run by Bo Knudsen and Bengt Seger.

Hedge funds are a change for the Stockholm, Sweden-based foundation, which has followed a very traditional investment program, according to its web site. As of Dec. 31, 2004, the most recent figures available, the Nobel Foundation had 61% of its assets in equities, 33% in fixed income and 2% in foreign real estate. Another 4% was held in “administrative real estate holdings.”

Award amounts for Nobel prizes have grown fast in recent years. From 1901, when the first prizes were handed out, through 1955, the award was less than 200,000 Swedish kroner. The prize didn’t exceed 1 million Swedish kroner until 1981. In the 25 years since, the amount awarded to prize winners increased quickly, to 10 million Swedish kroner last year.

Corbin manages several funds, including the Pinehurst Partners LP fund, the Pinehurst Plus LP fund, the Overlook Performance fund, the Oh Multi Strategy Compass Fund Ltd., the Pinehurst Institutional Ltd., the Fort Tryon Equities Fund Ltd. and the Fort Tryon Equities Fund LP, according to the firm’s investment adviser disclosure form filed with the Securities and Exchange Commission.

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Contact Bob Keane with questions or comments at [email protected].


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