Deutsche Asset & Wealth Management’s (DeAWM) Aggregator Solutions fund has purchased an US$85 million portfolio of illiquid hedge funds from a Swiss asset management firm.
In August 2013, the fund was closed with commitments from professional investors of US$1 billion.
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Since its inception in October 2012, the Aggregator Solutions fund has either acquired or had accepted bids on positions with a net asset value of over US$400 million from professional investors.
Aggregator Solutions fund was established to invest in illiquid or lower-liquidity hedge funds, especially in situations where market conditions make it complicated for investors to redeem their holdings.
Commenting on the acquisition, DeAWM Hedge Fund Secondaries head Magnus Lorrain-Smith said, "This acquisition adds a diversified pool of hedge funds to Aggregator Solutions’ portfolio. At the same time, it provides locked-up investors with liquidity."
"With DeAWM’s deep knowledge of illiquid hedge fund strategies, we have a strong track record of creating bespoke solutions for professional investors who hold illiquid hedge fund shares and that want to sell," Smith added.
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By GlobalData"These solutions may help to optimize the seller’s balance sheet, while also freeing them from the administrative complexity of dealing in the hedge fund secondary market," he concluded.
