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Former Unigestion hedge fund chief Philippe Gougenheim has lined up US$80 million for his new hedge fund—with hopes to raise twice as much in addition within just six months.

Gougenheim plans to launch his Glasnost Fund in September. Liquidity will be the byword for new vehicle, which will offer monthly liquidity with just three days notice. Announcing his plan in January, Gougenheim said he wants to have the ability to liquidate Glasnost's entire portfolio quickly, while still producing annual returns of 10% to 12% investing in futures and options.

"My idea is to be everything that hedge funds are not: liquid, transparent, with a focus on capital protection," Gougenheim told Reuters at the time.

The sales pitch is apparently working. Gougenheim now tells Reuters that he'll "have US$80 million on day one." And that's only the beginning.

 

source: http://www.finalternatives.com/node/21034

"We have a very strong pipeline, and if we do what we've said we're doing for the first two or three months, then after six months I think we'll be closer to US$250 million," Gougenheim said. "We don't have any real track record, so some people would like to see us managing money for real. They're very pleased with the paper trading."

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