April 18, 2006
Nobel to invest in hedge funds
Most people still believe that hedge funds are an indulgence of a few rich people. Now here’s a bit of news that will force them to change their opinions about hedge funds. The media recently reported that the organization that funds the Nobel Prizes has decided to invest in hedge funds for the first time. It will tap three firms for its maiden investments.
The Nobel Foundation has more than $450m in managed capital, and has invested in Corbin Capital Partners, Rock Creek Potomac fund and the Carnegie Worldwide Long/Short fund. The organizations involved have refused to divulge the size of the investments. Industry officials believe that winning an investment mandate of any size from Nobel would be seen a seal of approval for the three funds. Msnbc.msn.com reports:
Ake Alteus, the deputy executive director of the Nobel Foundation who led the process, said: "Before March of last year we could not invest in alternatives due to investment rules requiring a high degree of liquidity" in its investments.
Read more: Nobel to invest in hedge funds for first time
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