NORDIC - A Nordic institutional investor has tendered a 100 million-dollar (82.2 million-euro) single strategy actively managed multi-manager hedge fund mandate via IPE-Quest.
The investor said it might split the mandate by hiring more than one manager but added it would be likely to hire only one candidate to offer a range of single strategy multi-manager products.
The single strategies in which the institutional investor is interested are “common strategies” such as event driven, long-short, relative value and tactical trading.
Candidates cannot present carve-out track records from multi-strategy products, while single strategy products which can demonstrate a three-year track record will be preferred.
In terms of performance targets, the investor does not expect to invest in very high risk-high volatility products nor in a very low risk-low volatility products.
The investor, however, would be prepared to listen to managers who present their best products and argue their case.
The closing date is July 30.