Administration July 8, 2008

Hedge Fund Launch Total is $19.5B So Far in 2008

July 8, 2008 (PLANSPONSOR.com) - New hedge fund launches during the first half of 2008 in the Americas totaled $19.5 billion, according to the Absolute Return New Funds Survey.

Reported by

Rebecca Moore

According to a press release from Absolute Return magazine, the top five new funds account for $13.7 billion of the total – more than 70%. The number of fund launches is down 50% from the same period last year, though the amount of capital is greater.

During the first half of 2007, 72 new funds launched with $14 billion in capital, the release said. This year, five funds were formed with more than $1 billion each, compared to three funds that surpassed the billion-dollar mark during the same period in 2007.

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Long/short equity funds dominated the new launch list, followed by funds that invest in mortgaged-backed securities and those pursuing distressed strategies. Goldman Sachs Asset Management amassed $8.1 billion of the $19.5 billion total with $7 billion in the Goldman Sachs Investment Partners equity long/short fund, and $1.1 billion in Goldman Mortgage Credit Opportunities.

The survey results are published in the July/August issue of Absolute Return magazine.

align="left">TOP TEN HEDGE FUND LAUNCHES (January - June 2008)
align="left">Firm name	align="center">Fund name	align="center">Portfolio	align="center">Strategy	align="center">AUM ($m)	align="right">Location
		align="center">manager(s)	align="center">
align="left">Goldman Sachs	align="center">GS Investment Partners	align="center">Raanan Agus,	align="center">Equities	align="center">7,000*	align="right">New York, NY
		align="center">Kenneth Eberts
align="left">Conatus Capital	align="center">Conatus Capital Partners	align="center">David	align="center">Equities	align="center">2,300	align="right">Greenwich, CT
align="left">Management		align="center">Stemerman	align="center">
align="left">Lone Pine	align="center">Lone Dragon Pine	align="center">Steve Mandel	align="center">Emerging	align="center">1,840	align="right">Greenwich, CT
align="left">Capital		align="center">	align="center">Markets
align="left">Highliner	align="center">Alyeska Fund	align="center">Anand Parekh	align="center">Equities	align="center">1,500	align="right">Chicago, IL
align="left">Investment
align="left">Group		align="center">	align="center">
align="left">Goldman Sachs	align="center">Goldman Mortgage	align="center">Jonathan	align="center">Mortgage	align="center">1,100*	align="right">New York, NY
	align="center">Credit Opportunities	align="center">Beinner, James	align="center">Backed
	align="center">Fund	align="center">Clark, Thomas	align="center">Securities
		align="center">Teles
align="left">SIR Capital	align="center">Standard Investment	align="center">Vince Maddi,	align="center">Equities	align="center">700	align="right">New York, NY
align="left">Management	align="center">Research Hedge Equity	align="center">Shawn
	align="center">Master Fund	align="center">Brennan
align="left">Bellman Walter	align="center">Bellman Walter Global	align="center">Rich Walter,	align="center">Equities	align="center">650	align="right">San Francisco,
align="left">Capital	align="center">Fund	align="center">Jeffrey Bellman	align="center">		align="right">CA
align="left">KnightHead	align="center">Knighthead Master Fund	align="center">Ara Cohen,	align="center">Distresssed	align="center">500	align="right">New York, NY
align="left">Capital		align="center">Tom Wagner
align="left">Management		align="center">	align="center">
align="left">Obrem Capital	align="center">Obrem Capital	align="center">Andrew	align="center">Equities	align="center">500	align="right">New York, NY
align="left">Management		align="center">Rechtschaffen	align="center">
align="left">One William	align="center">One William Street	align="center">David Sherr	align="center">Credit	align="center">500*	align="right">New York, NY
align="left">Street Capital	align="center">Capital Master Fund
align="left">* estimate
align="left">Source: Absolute Return