Thames River raise new money for closed-ended hedge fund

Thames River Multi Hedge PCC is looking to raise up to £100 million through the placement and offer of C shares for its hedge fund Thames River Hedge +.

The £88.2 million Guernsey domiciled Multi Hedge PCC which contains the Thames River Hedge + fund is listed on the Channel Islands and London Stock Exchanges and targets an annual absolute return of 10% net of fees through investment in directional and non directional hedge funds

The new issue has sterling, dollar and euro-denominated share classes and is in response to demand from new and existing investors following strong performance from the fund since its launch in February 2004.

Thames River said the issue would enable the fund to broaden its investor base and improve liquidity while spreading charges across a broader base of investors.

The hedge fund team is headed up by Thames River Capital head of multi manager Ken Kinsey Quick whose team manage around $1 billion in funds of hedge funds and the share offer will run from 26 June to 16 July.

The group says Thames River Hedge+ is the top performing London-listed fund of hedge funds over the three year period to 31 May 2007 returning 38.67%.

Kinsey-Quick said: ‘Our investment objective is to produce attractive absolute returns relative to the level of risk assumed, through a dynamic multi-manager approach by investing in absolute return orientated funds worldwide whose managers employ a variety of investment strategies across all asset classes.’

‘Over the last three years we have more than met that objective and the “C” Share issue answers on-going demand for this form of investment vehicle.’