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Hedge Fund Spotlight VOLUME 10, ISSUE 3 ■ MARCH 2018 HEDGE FUND SPOTLIGHT KNOW YOUR INVESTOR IN THIS ISSUE It is undeniably important for fund managers to understand how to tailor an approach to different types of investors, each with different preferences. This article details the investor types currently active in hedge funds, as well as their interests in and expectations of FEATURE the asset class. Know Your Investor 3 Find out more on page 3 INDUSTRY NEWS 9 THE FACTS ■ Performance 10 Benchmarks FUND SEARCHES AND MANDATES ■ Fund Searches 12 and Mandates ■ Fund Terms and 14 Using data from Preqin's online platform, we break down recent fund searches by investor type and Conditions location, and look at the most common fund searches ■ Activist Funds 16 issued so far this year. ■ Top Performing 18 Hedge Funds Find out more on page 12 CONFERENCES 20 PREQIN RECENTLY RELEASED: INVESTOR OUTLOOK: ALTERNATIVE ASSETS H1 2018 Private Equity ■ Venture Capital ■ Hedge Funds ■ Real Estate Infrastructure ■ Private Debt ■ Natural Resources PREQIN INVESTOR OUTLOOK: ALTERNATIVE ASSETS, H1 2018 All data in this newsletter can be downloaded to Excel for free Download Your Copy Sign up to Spotlight, our free monthly newsletter, providing insights into performance, investors, deals and Alt Credit Intelligence European and US Fund Services Awards: Best Data and Information fundraising, powered by Preqin data: Provider | Africa Global Funds Awards 2016: Best Research and Data Provider | The Queen’s Award for Enterprise: International Trade | HedgeWeek Global Awards: Best Global Hedge Fund Research Provider | CAIA Corporate Recognition Award SIGN UP www.preqin.com/contact [email protected] The LEADING ALTERNATIVE INVESTMENT MANGEMENT SUMMIT MAY 2 & 3 ROSEWOOD HOTEL ABU DHABI, UAE Al MARYAH ISLAND “The Shifting Paradigm of Alternative Investments” Execlusive conference gathering regional investors and managers in alterntives - Hedge Funds, Private Equity, Venture Capital, Private Debt with global industry leaders Join our discussions this year on key pivotal topics & market conditions Day 1 The Core Alternative Investment Portfolios Day 2 Venture Capital, Digital Assets & Cryptocurrency As Alternative Investmetns Media Partners www.aimsummit.com [email protected] In Association with Dalma Capital DIFC KNOW YOUR INVESTOR KNOW YOUR INVESTOR Using data from Preqin's online platform, we detail the preferences and interests of each different investor type active in hedge funds to fully understand how to approach investors in 2018. 5,287 $2.06tn 45% Number of hedge fund investors Amount of capital invested in hedge of institutional investors allocate tracked by Preqin. funds by institutional investors. to hedge funds. reqin estimates that institutional the umbrella of “institutional investor” PROPORTION OF HEDGE FUND INDUSTRY investors allocate $2.06tn to hedge fall many different types of institutions CAPITAL COMING FROM INSTITUTIONAL P INVESTORS funds, approximately 58% of all capital with different sets of challenges and 65% invested in the industry today. In capital portfolio needs that hedge funds help to 61% 63% 62% 60% 58% 58% terms this is the highest level Preqin has solve. Therefore, gaining insight into the recorded; however, the level has fallen differences between types of investors – proportionally from highs in 2013 as both on a macro level and an individual institutional inflows have slowed in a basis – is an important step towards period of growing appetite from private securing capital from these investors. sources of wealth and retail clients. Nevertheless, gaining interest from In this section we examine these allocators institutional investors, with their long-term in more detail, based on data taken from investment horizons and “sticky” capital, Preqin’s online platform, to help you can be vital to the long-term development understand the needs of institutions in of a hedge fund business. However, under 2018 and really “Know Your Investor”. 2011 2012 2013 2014 2015 2016 2017 PUBLIC PENSION FUNDS 474 51% $21.0bn public pension funds invest in hedge of public pension funds actively invest Largest allocation to hedge funds of funds globally. in hedge funds. any public pension fund investor – ABP (managed by APG – All Pensions Group). Public pension funds have become of public retirement funds from investment their first investments in the asset class, prominent investors in hedge funds over in hedge funds is landing firmly on the particularly as new regions open up to the past decade and their actions and side of public pension funds remaining the possibility of hedge fund investment. activity in the asset class have helped committed to hedge fund investment Recent relaxation of regulations in South shaped the industry we see today. There long term. Today we see more public Korea, for instance, has led to investors has been much focus on these investors pension funds investing in hedge funds such as National Pension Service making in recent years following the cuts made to than ever before, collectively investing their first investments; others including hedge fund investments by CalPERS and their largest sum of capital on record. Yellow Umbrella Mutual Aid Fund have a handful of other high-profile pension Much of the increase in capital coming begun to consider investment for the first funds. However, the “will they – won’t from public pension funds continues time. Although the average allocation to they?” debate around the wider mass exit to be driven by new schemes making hedge funds by public pension funds has 3 Hedge Fund Spotlight | March 2018 © Preqin Ltd. 2018 / www.preqin.com KNOW YOUR INVESTOR remained stable since 2016 (at 7.9% of a combined direct and multi-manager pension funds were also looking for more assets under management [AUM], Fig. 5), portfolio. In 2016, 49% of public pension liquidity from their hedge fund portfolios we have noted broader changes to their funds invested solely in funds of hedge in 2017 than in 2016: the mean maximum investment portfolios. Public pension funds funds, and 28% in both funds of hedge lock-up period accepted in 2016 was 22 continue to move away from a complete funds and directly; in 2017 this changed to months; this fell to 20 months in 2017 (Fig. fund of hedge funds approach towards 47% and 31% respectively (Fig. 6). Public 3). PRIVATE SECTOR PENSION FUNDS 776 50% $11.0bn private sector pension funds invest in of private sector pension funds actively Largest allocation to hedge funds hedge funds globally. invest in hedge funds. of any private sector pension fund investor – General Motors Investment Management Corporation. Private sector pension funds account for a decrease in the average allocation of 6). The remainder are split almost evenly in 19% of all capital invested in hedge funds private sector pension funds since we their approach to hedge fund investment by institutional investors, making them the began tracking this data in 2007. between direct investment only (32%) second leading institutional capital source and funds of hedge funds only (30%). In behind their public sector equivalents (Fig. Although there has been a slight reduction comparison to public pension funds, more 2). However, unlike public pension funds, in the average allocation of private private sector pension funds invest capital their average allocation to hedge funds sector pension funds, we have not seen directly in hedge funds; correspondingly, has decreased over the past 12 months. As any changes to the average make-up of they also seek higher returns. On average, at December 2017, private sector pension their portfolios in relation to the types of a private sector pension fund seeks returns funds invest an average of 11.0% of their products they use. The largest proportion of 6.5%; in contrast, public pension funds portfolios in hedge funds, compared to (38%) of private sector pension funds look for hedge funds to return 5.6% on an 11.3% in December 2016 (Fig. 5). In fact, allocate to hedge funds via both direct annualized basis (Fig. 4). this is the first time that we have noted investment and funds of hedge funds (Fig. SOVEREIGN WEALTH FUNDS 24 34% $62.1bn sovereign wealth funds invest in hedge of sovereign wealth funds actively Largest allocation to hedge funds of funds globally. invest in hedge funds. any sovereign wealth fund investor – Abu Dhabi Investment Authority. Small in number, but mighty in influence, uncommon, with just over one-third course of 2017. As at December 2017, the sovereign wealth funds are a vital part allocating capital to the asset class. In average sovereign wealth fund invests 8.2% of the institutional investor landscape comparison, 56% of sovereign wealth funds of its assets in hedge funds, compared to in the hedge fund industry. This group invest in real estate. Given the size of the 7.0% at the same time in 2016 (Fig. 5). of 24 represents 10% of all institutional sovereign wealth fund sector, even a small capital invested in hedge funds (Fig. 2), a number making their first investments in The average sovereign wealth fund has proportion equal to endowment plans, of or increasing their allocations to hedge been investing in the asset class for 13 which there are over 25x more in number funds would amount to a notable increase years; however, given the size of sovereign investing in hedge funds. in capital available to fund managers. wealth funds and the complexity of their portfolios, the majority of this group prefer Investment in hedge funds among Sovereign wealth funds have, on average, to outsource at least some of the fund sovereign wealth funds is relatively increased their portfolio exposure over the selection duties to funds of hedge funds. 4 Hedge Fund Spotlight | March 2018 © Preqin Ltd. 2018 / www.preqin.com KNOW YOUR INVESTOR Sixty-five percent will consider both funds Sovereign wealth funds offer the potential premium, sovereign wealth funds target of funds and direct investment, while to be long-term partners with hedge funds; lower returns than other institutional 10% invest solely in funds of hedge funds they will consider funds with a longer lock- investor types (Fig.
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