Third Point Capital CEO and President Jim Kelly, is expanding his repertoire with the launch of a fund of funds firm named after the latitude of its location in Switzerland. Kelly, a co-founder of the Moore Capital, and the brains behind now State Street owned hedge fund administration company, International Fund Services, is the buck behind the operation coined 47 Degrees North Capital Management, HedgeWorld reports.
Kelly pooled together personal funds and investment capital secured from other hedge fund managers to launch the new operation that will be based in both New York and Pfaeffikon, Switzerland. Kelly’s team consists of three former RMF/Man Investments employees; Raphael Blunschi, a former investment manager in alternatives, and two former team managers, Claude Porret and Bruno Wicki, who focused on seeding emerging managers and alternatives, respectively.
The company plans to launch four funds of funds, with one rolling out before year end. Of the four new funds of funds, dubbed 47 Degrees N Generation Fund, 47 Degrees N Seeding Fund, 47 Degrees N Commodity Fund, and 47 Degrees N Innovation Fund, Generation aims for 12% annual returns with 5-7% volatility and Seeding Fund, which will invest in start-up hedge funds, is targeting a 15% annual return over a five-year period with 6-8% volatility. The commodities fund will implement directional and non-directional strategies, while the Innovation fund will invest in a broad range of products, including emissions rights, weather derivatives, insurance-related securities, and possibly financing and lending. But, there are no specifications as to which fund will go live this year.
Kelly pooled together personal funds and investment capital secured from other hedge fund managers to launch the new operation that will be based in both New York and Pfaeffikon, Switzerland. Kelly’s team consists of three former RMF/Man Investments employees; Raphael Blunschi, a former investment manager in alternatives, and two former team managers, Claude Porret and Bruno Wicki, who focused on seeding emerging managers and alternatives, respectively.
The company plans to launch four funds of funds, with one rolling out before year end. Of the four new funds of funds, dubbed 47 Degrees N Generation Fund, 47 Degrees N Seeding Fund, 47 Degrees N Commodity Fund, and 47 Degrees N Innovation Fund, Generation aims for 12% annual returns with 5-7% volatility and Seeding Fund, which will invest in start-up hedge funds, is targeting a 15% annual return over a five-year period with 6-8% volatility. The commodities fund will implement directional and non-directional strategies, while the Innovation fund will invest in a broad range of products, including emissions rights, weather derivatives, insurance-related securities, and possibly financing and lending. But, there are no specifications as to which fund will go live this year.
