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Portfolio > Alternative Investments > Hedge Funds

GSAM to List Fund of Funds in London

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LONDON (–Goldman Sachs Asset Management is preparing to list a new fund of funds in August on the London Stock Exchange.

Goldman Sachs Dynamic Opportunities, a closed-end fund, will offer a core allocation to high conviction managers spread across four core strategies. It also will allocate to niche strategies.

The float is being sponsored by Hoare Govett, part of ABN Amro. It is expected that the offering could attract up to ?? 1/2 400 million. That would make the fund the second biggest listed entity in London after Dexion Absolute, which has aggregate net assets of over ?? 1/2 530 million.

Listed funds of funds have experienced growing popularity in the past year. Dexion and others are currently engaged in new fund raisings and the sector has shown resilience during the recent market declines.

The core allocation, the Dynamic Opportunities fund, will cover four areas: equity long/short (30%); event-driven (22%); relative value (18%); and trading tactics (18%). The remaining 18% of funds allocated to niche strategies will target event-driven (12%), including direct lending and mezzanine financing, and equity long/short (6%) in emerging markets.

The fund will be managed by the investment bank’s Hedge Fund Strategies (HFS) group. It has more than $15 billion of hedge fund assets under management and 37 years of experience investing in the sector. “We are excited that Goldman Sachs Dynamic Opportunities will bring so many elements of our history and investment knowledge to investors in one investment vehicle,” said Kent Clark, chief investment officer at HFS.

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


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