Alternatives Manager Research through the Lens of Industry Standard DDQs

IF 0.4 Q4 BUSINESS, FINANCE
Andre Boreas
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引用次数: 0

Abstract

There is no question that alternatives are having their day in the sun. Private market managers, across a wide range of strategies, are fundraising at a record pace. Hedge funds thought left behind in the face of a 12-year bull market in public equities are seeing a resurgence of interest from institutional investors. The term “alternatives,” while a general moniker for anything not “long-only,” represents a wide range of investment strategies with various risk parameters, supporting processes, and necessary infrastructure. While there are certainly some commonalities in assessing a listed security-focused hedge fund versus a private markets-focused manager (people, regulatory standing, alignment of interests), there are considerable differences in how these two types of “alternative” managers invest, report, hire, reconcile, and generally operate their businesses. Two of the most prominent industry associations supporting non-traditional asset classes, the Alternative Investment Management Association (AIMA) and the Institutional Limited Partners Association (ILPA), each publish a comprehensive due diligence questionnaire to assist Limited Partners (LPs) in their manager research efforts. This article examines how each questionnaire can be utilized in understanding both the investment and operational differences between hedge funds trading listed securities and managers focused solely on private transactions.
通过行业标准ddq的视角进行替代管理研究
毫无疑问,替代品正在阳光下度过他们的一天。私募市场管理公司采用了多种策略,正在以创纪录的速度筹集资金。在公共股票长达12年的牛市面前,对冲基金被认为是落后的,但机构投资者的兴趣正在回升。“替代品”一词虽然是对任何非“长期”的统称,但它代表了一系列具有各种风险参数、支持流程和必要基础设施的投资策略。虽然在评估以上市证券为重点的对冲基金与以私人市场为重点的管理人(人员、监管地位、利益一致性)时肯定有一些共性,但这两种类型的“另类”管理人在投资、报告、雇佣、协调和总体运营业务方面存在相当大的差异。支持非传统资产类别的两个最著名的行业协会,另类投资管理协会(AIMA)和机构有限合伙人协会(ILPA),各自发布了一份全面的尽职调查问卷,以帮助有限合伙人(LP)进行经理研究。本文研究了如何利用每一份问卷来了解交易上市证券的对冲基金和只专注于私人交易的经理之间的投资和运营差异。
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来源期刊
CiteScore
1.50
自引率
14.30%
发文量
40
期刊介绍: The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices
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