New York’s Sandell Asset Management has launched a less-diversified, higher-risk version of its $3.3 billion Castlerigg International master fund. The new fund, Castlerigg Global Select, invests in the same global events but “will accept greater directional risk and greater volatility,” according to a marketing document. Founder Tom Sandell declined to comment.
The new fund also has a higher focus of activism, the document states. It was perhaps for this reason that the firm recently hired Ken Glassman, the co-head of Goldman Sach‘s distressed investing group (AIN, 8/14). Redemptions are quarterly with 60 days notice after a two-year lockup. The flagship fund was launched in 1997. It began “selectively” accepting additional capital through its feeder funds this month, states the document. The fund has returned nearly 15% on an annual basis since launch. This year, it has returned 14.45% through Aug. 25. Starting Oct. 1, the flagship will increase its management fees from 1.5% to 2% for all share-classes.