Deutsche Asset & Wealth Management acquires fund of hedge funds
Deutsche Asset & Wealth Management’s (DeAWM) Aggregator Solutions fund has recently acquired a $85m portfolio of illiquid hedge funds from a Swiss asset manager.
The fund closed in August 2013 with commitments from professional investors of $1bn.
The Aggregator Solutions fund has now either acquired or had bids accepted on positions with a NAV of more than $400m from professional investors since it launched in October 2012.
The fund was set up to invest in illiquid or lower-liquidity hedge funds, particularly in situations where market conditions make it difficult for investors to redeem their holdings.
Magnus Lorrain-Smith, head of Hedge Fund Secondaries at DeAWM, said: “This acquisition adds a diversified pool of hedge funds to Aggregator Solutions’ portfolio. At the same time, it provides locked-up investors with liquidity.”
He added: “Many hedge fund investors have been struggling to find liquidity since the financial crisis. With DeAWM’s deep knowledge of illiquid hedge fund strategies, we have a strong track record of creating bespoke solutions for professional investors who hold illiquid hedge fund shares and that want to sell. These solutions may help to optimize the seller’s balance sheet, while also freeing them from the administrative complexity of dealing in the hedge fund secondary market.”
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