Cross asset hedge funds like Soros
Hi all, I have been in a cross asset / special situation financing, commodity and fixed income / equity derivative role for 8 years focussing on special situations including start-ups, liquidity stressed scenarios, uncovered / under the rader opportunities (could be geo, network or otherwise), and am looking to make step towards a hedge fund that capitalises on this. Ideally a fund that can invest across equity, fixed income, commodities, any type of derivatives, in a single fund therefore being able to capture cross-asset opportunities that fall outside of single asset class mandated funds - i.e. stuff that doesnt fit the mold for 99% of the fund world - etc. aiming for 10-20% returns.
Understand that Soros contains such a fund, and perhaps Blackstone's tac. opportunities. Are there any others?
Appreciate it
Global macro or multi-strategy fund?
Multi-strategy - which may include global macro but I'd expect to rather 80% focus on specific situations. Thanks
Also interested
bridgewater associates JP morgan AM Macro fund
Which location are you looking at?
London or at least Europe
Comment
Hello, mind if I drop you a message? I find myself in a similar situation.
Not sure if macro funds fit in here. Assuming I'm not waaaay off from what you're looking for, there's quite a few traditionally distressed credit funds which have repositioned as "capital solutions" or "opportunistic" in an attempt to do exactly that - capture cross-asset opportunities. That being said, most of the investment activity seems to be focused on corporates in the mid-market space, maybe upper mid-market, less so on large cap. For instance, there's a fund called Njord Partners (founded by ex-KKR special sits and Oaktree) who do everything from growth financing of players consolidating Amazon vendors to rescue financing to public markets distressed to loan-to-owns. There's several others in that bucket including Warwick I think, maybe North Wall (though on the smaller end). As for larger cap, there's Oaktree opportunistic fund, which is trying to move away from pureplay distressed (given abysmal returns and lack of opportunities) and more into capital solutions, so to speak.
What I think you're looking for is more like Elliott which, in London, (and at the risk of oversimplifying) doesn't really assign you to a team. You get to do EVERYTHING, as long as it makes money, including convertible arbitrage, caparbs, buyouts, activism, distressed, sovereign debt, etc. Personally, that is my dream job but I have no idea if there's anyone else allowing for this sort of flexibility to their investment professionals. Baupost fits the investment mandate checkbox (highly flexible too), but as I understand they do have siloed teams depending on asset class.
If you see any other entities with such flexible mandates, I'd definitely like to learn more myself too.
Good summary but as you mentioned one quickly ends up in illiquid type of strategies which is mostly pref/mezz/second lien stuff.
Would also say that Elliott probably gives one most flexibility in Europe along with Oaktree - but what OP described makes not too much sense as one is essentially blending macro and special sits/opportunistic. Guess it's out of question that a special sits house could go directional in commodities through equity exposure in, e.g., a mining company but they would never buy futures.
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