Any info on Aperture Investors?
Pretty much the title, newish shop headed by Peter Kraus the ex-Goldman / AB CEO. Supposedly a innovative fee structure that incentivises performance.
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Charges 30% performance fee with 35% going to relevant investment team with partial 3 year clawback.
35% of the 30%, i imagine? So PMs get 10% of PNL and Kraus pockets 20%?
My understanding is that management fee is ETF like, so a chunk of performance must go to running costs.
Been in meetings with/know Kraus through personnal connections, and can say it's definitely a smart guy that has a good vision for the platform he is building and can raise AuM relatively easily, though he is not involved with the investing process at all.
does the clawback work similarly at other platforms? Actually never heard of a 3 year clawback.
Usually at platforms bonus over a threshold is distributed over say next 3 years. But I'm assuming if losses occur then the bonuses are not or wiped out?
Their Credit Opps team run by Shikhar Ranjan was hiring a while back and I spoke to them. Unique fee structure as mentioned above which is the main thing that sets them apart.It's not like a multi-manager setup, each strategy has their own LP and money. They got a $4bn check from Generali to partner/kickstart Aperture. So the funds right now are probably close to or sub $1bn. The Credit opps was around $500mm when it launched and then was set to grow. Since these are all 40 act style/UCITS/SICAVs etc. you can actually track their daily performance on bloomberg. Interesting actively managed fund strategies that rival the more liquid side of hedge fund structures/styles. The economics work well when you get massive AUM though. you get a performance fee (30%) on any amount ABOVE the benchmark - not zero or libor like most long/short places. So for a $1bn strategy - making 4-5% outperformance seems like a good year -> so that's $1bn * 5% * 35% * 30% = $5.25mm for the investment team which is like 5-6 or so guys per strategy right now so maybe the PM keeps $3mil and pays out the rest to the other 4 -5 guys. At a MM pod you'd be getting a pool of $10mm to split amongst the team probably.
Thanks for the comment, yeah performance has been solid enough since inception - what is the general consensus on Shikhar Ranjan / Simon Thorp?
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