Goldman to Launch Five Funds of Funds

June 24, 2003 (PLANSPONSOR.com) - Goldman Sachs Princeton LLC has registered shares in five hedge funds of funds in regulatory filings.

According to a Dow Jones report, the investment objective of each of the new funds is to target attractive long-term risk-adjusted absolute returns with lower volatility than, and minimal correlation to, the broad equity markets, the adviser said in US Securities and Exchange Commission (SEC) documents.

The proposed funds and their objectives are, according to the filings:

Goldman Sachs Hedge Fund Partners Registered Fund LLC  Goldman Sachs Princeton said it is offering $350 million in shares. The fund is to invest in hedge funds that utilize investment strategies within or related to one or more of the following four hedge fund sectors: equity long-short, event-driven, relative value and tactical trading.

The managers responsible for the fund are Seb Calabro, Kent Clark, Thomas Dobler, Terrence Jones, Peter Ort, Nadja Pinnavaia and Michael Stivala, the filing said. Goldman Sachs Princeton said it intends to invest initially in 30 to 75 funds.

Goldman Sachs Global Tactical Trading Registered Fund LLC: Goldman Sachs Princeton is offering $100 million in shares. The fund seeks to invest in a portfolio of investment funds that utilize investment strategies within or related to the tactical trading sector, the filing said. Calabro, Clark, and Dobler are the fund’s portfolio managers. Goldman Sachs Princeton said it intends to invest initially in seven to 25 funds.

Goldman Sachs Global Event Driven Registered Fund LLC: Goldman Sachs Princeton is offering $100 million in shares. The fund intends to invest in hedge funds that utilize investment strategies within or related to the event-driven sector. According to the filing, Clark and Jones are to oversee the fund’s operations. Goldman Sachs Princeton said it intends to invest initially in seven to 25 funds.

Goldman Sachs Global Relative Value Registered Fund LLC: Goldman Sachs Princeton is offering $100 million in shares. The fund intends to invest in seven to 25 funds that utilize investment strategies within or related to the relative value sector. Clark, Jones and Stivala are to manage the fund.

Goldman Sachs Global Equity Long/Short Registered Fund LLC:   Goldman Sachs Princeton is offering $100 million in shares. Clark, Ort and Pinnavaia are the managers responsible for the fund, which will invest in seven to 25 funds that pursue a long-short investment strategy.

According to the filings, each fund is to assess a maximum 3% sales fee, a 1.25% investment management fee, a 0.2% administration fee and a 0.5% fee for other expenses. Interests of the funds won’t be listed on a securities exchange and will be limited to qualified investors with a minimum net worth of $1.5 million. A minimum investment of $50,000 is required to invest in each fund.

«