HF primary / secondary equity issuance strategy
Is anyone aware of funds, or a team within a large fund, focused on primary and secondary equity issuance? Wanted to get a view on why HF would find this strategy attractive, and why is a HF doing this vs. a typical primary investor?
My thoughts would be that there is alpha from valuing a business correctly vs the ipo process (both long/short opps available), but to me it seems a more traditional investment role than what HFs would typically look at.
Some arbitrage funds play IPOs and follow-ons for short-term trades because of technical dynamics (supply/demand imbalances created by a hot IPO or a flood of new shares etc). Is this the sort of strategy you mean?
I asked this question a few weeks ago and no one seem to have an answer. Its a strange strategy to me. Have a buddy that was interviewing for this role at a fund.
http://www.wallstreetoasis.com/forums/ls-investing-in-companies-prepost…
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