Guinness Joins CalPERS in 47 Degrees North

Iveagh, the Guinness family office based in London, has entered into a strategic partnership with 47 Degrees North Capital Management
By None

Iveagh, the Guinness family office based in London, has entered into a strategic partnership with 47 Degrees North Capital Management.

Under the agreement, Iveagh will become a minority shareholder of 47 Degrees North a provider of specialised fund of hedge fund products. 47 Degrees will open a London office and Iveagh will provide initial investment in upcoming 47 Degrees North fund launches that include emerging managers and innovative hedge fund strategies.

Iveagh is the London-based private investment house of the Guinness family, famous for its brewing business and chaired by Edward Guinness, the Earl of Iveagh, and is well known for its long term investment horizon. The partnership with 47 Degrees North enables Iveagh to gain further access to the specialist area of alternative investments.

47 Degrees North Chief Executive Officer, Claude Porret, comments: This development is against the grain of what is happening in the alternative investment industry at the moment and we take it as a massive vote of confidence in our company and people that such respected investors would make a move of this nature at this time. In the current environment we believe it is crucial to have the strength and resources that these partners provide. It allows us to enter into the next stage of growth in markets that we believe are full of opportunities.

Iveagh Chief Executive Officer, Paul Ross, says: The current market environment presents a great opportunity to partner with specialist and experienced investment teams that weathered the recent storms well. Without the problem of redemptions and with additional assets at hand, 47 Degrees North is able to take advantage of investment opportunities thrown up by the current market dislocations and we are delighted to have gained access and be able to support their strategic growth plans.

CalPERS provided the initial allocation and has invested USD150 million in 47 Degrees Norths emerging managers fund under the Risk Managed Absolute Return Strategies (RMARS) Program. CalPERS stated: “47 Degrees North has proven it has the personnel, systems, and other resources necessary – capable of addressing the idiosyncrasies of emerging funds relative to investments in more established absolute return funds.”

«