Tages Capital Launches Global Emerging Markets Alternative UCITS Fund with Dalton Investments07 June 2018
Tages Capital LLP, in partnership with California-based, Dalton Investments LLC, today announced the launch of the Tages Dalton Global Emerging Markets UCITS Fund. This comes as UK-based Tages continues to expand its alternative UCITS fund range.
The new fund brings the Tages alternative UCITS range to five strong, and provides UCITS investors with another differentiated hedge fund strategy. The Tages Dalton Fund offers investors access to Dalton’s extensive expertise in emerging markets within UCITS guidelines in a long/short format. The fund launched in mid-May and has already garnered nearly US$ 50 million of institutional capital.
Dalton Investments LLC is a value-focused investment management firm with expertise in Asia, emerging markets, equities and fixed income. Headquartered in Los Angeles, with a subsidiary office in Tokyo, Dalton manages US$ 3.8 billion1 in actively managed long/short and long-only strategies for pensions, endowments, foundations, financial institutions and family offices.
James B. Rosenwald III, Co-Founder of Dalton and Senior Portfolio Manager, said: “We are pleased to partner with Tages, one of the most active and influential investors in the fast growing alternative UCITS segment. We believe our disciplined value investment process, with its focus on alignment of interest between minority investors and company management, offers the potential for strong returns in Global Emerging Markets.”
Jamie Kermisch, CEO of Tages Capital, said: “As an existing investor with Dalton, Tages has been impressed by the team’s investment process and ability to generate attractive, uncorrelated, risk adjusted returns using their deep experience in emerging markets and their differentiated investment approach. We are excited to be building on our partnership and believe this new UCITS fund further demonstrates Tages’ commitment to offering investors access to experienced, high quality managers and strategies.”
Tages Capital successfully raises over US$200m in capital commitments for first close of Tages Emerging Opportunities II16 May 2018
Fund is the second vintage of a proven strategy providing seed and acceleration capital to emerging hedge fund managers
London, 16th May 2018: Tages Capital LLP (‘Tages’) is pleased to announce the first closing of Tages Emerging Opportunities II, a new closed-end fund focused exclusively on providing seeding and acceleration capital to emerging hedge fund managers in exchange for an economic participation in their business.
The fund has received US$203 million in initial capital commitments from a strong group of institutional investors across Europe and Asia, with a notable participation from large insurance companies. It will now remain open to receive additional commitments for up to one year.
The fund’s strategy of seeding or accelerating a concentrated portfolio of hedge fund managers generates returns from a diversified combination of underlying fund investment performance and the economic firm interests received from these managers, at no additional cost, in exchange for making an early stage fund investment.
The strategy benefits from Tages’ ability to identify world-class hedge fund managers and business builders, and to provide valuable fund capital and expertise to enable these managers generate successful growth.
While active across several segments of alternatives investing more broadly, Tages has become a leading global provider of seed and acceleration capital to emerging alternative fund managers. The firm has been one of the most active seed investors globally over the past 5 years, having invested over US$900m across 19 funds. The new fund is the second vintage of Tages’ dedicated seeding program and follows the end of the first vintage’s investment period in September 2017. Separately, Tages also manages a vehicle dedicated to UCITS seeding.
Jamie Kermisch, Chief Executive Officer at Tages Capital, said: “We are delighted with the response to our new fund raising in an area of our business where we are recognised as a global leader. The quality of the institutional investors that have supported this first close is a strong confirmation of the differentiated strategy and return profile, as well as our ability to source and develop excellent emerging manager talent. As we look to further grow the amount of capital commitments over the next months, this fund will allow Tages to remain a valuable source of committed capital for emerging hedge funds worldwide.”
Mark de Klerk, Head of Seeding Strategies at Tages Capital, said: “We are very excited about the seeding and acceleration opportunities in our pipeline today. With the scarcity of dedicated seed capital available, we are in a fantastic position to leverage off our deep research, operational due diligence and advisory capabilities to identify and select highly talented best-in-class managers. With the resurgence of asset flows back into the emerging manager segment, we believe this is a great time to enhance hedge fund returns via access to what remains a high margin industry, as we help a manager to scale up their business.”
Agreement Between Tages Capital Sgr And Maccaferri Industrial Group: Tages Helios Fund Acquires Photovoltaic Plants With A 51 Mw Output22 December 2017
Tages Capital SGR (‘Tages’) announces that Tages Helios fund (see fund description below) signed a contract with the company SECI S.p.A. (Maccaferri Industrial Group) to acquire a portfolio of more than 51 MW comprising 35 plants distributed throughout Apulia, Sicily and Emilia Romagna effective, December 2017.
The plants in the portfolio use first-rate technology and were built directly by Enerray, a company managed by SECI Energia – the market leader in Italy. The acquired portfolio generates around 74 GWh a year, which is an energy output capable of meeting the electricity demand of 27,000 families and results in an annual saving of 30,000 tonnes of CO₂ from being released into the atmosphere.
With this latest acquisition, the entire portfolio held by Tages Helios now generates around 290 GWh a year, which is an energy output capable of satisfying the electric energy demand of over 100 thousand families and results in an annual saving of around 152 thousand tonnes of CO₂ from being released into the atmosphere.
Tages Helios Fund (‘Tages Helios’) represents the first infrastructure fund launched by Tages Capital that is entirely dedicated to the Italian photovoltaic sector and has raised more than €250 million in total. The Fund’s investors primarily include insurance companies, pension and social security funds, banking foundations and institutions, as well as private professional investors along with the management of Tages.
Similar to other operating assets, the newly acquired plants will be managed by Delos Power, a company established as a partnership between Tages Helios and Renam, one of the largest Italian operators in the asset management sector, with a portfolio of over 400MW in total from the plants generating energy from renewable sources. Operations and maintenance activities will continue to be carried out by Enerray.
Umberto Quadrino, President of Tages Group,said: “I am particularly delighted to have completed the acquisition of a portfolio of exceptional photovoltaic plants built by a leading Italian industrial group. Following this transaction, Tages Helios’ portfolio has grown to 208 MW, reinforcing the fund’s position as the third-largest operator on the Italian market”.
Gaetano Maccaferri, President of the Maccaferri Industrial Group, commented: "I am happy that the acquisition of Enerray's photovoltaic plants has been concluded with a leading company in the sector such as Tages. This deal is framed by SECI Energia’s repositioning in the photovoltaic sector, in which Enerray is the Italian leader in the management and maintenance of plants. The proceeds from this deal will be reinvested into other initiatives in the energy sector".
Tages Capital SGR was assisted during the deal by the law firm Norton Rose Fulbright, by Moroni & Partners for the technical due diligence and by PwC for the accounting and financial aspects.
The Maccaferri Industrial Group was assisted by Legance Lawyers & Associates in its capacity as a legal advisor, by REA reliable energy advisors as technical advisors and by Ernst & Young Italy for the accounting and financial aspects.
Allfunds Bank adds Tages Capital’s UCITS Absolute Return Funds to its Distribution Network13 December 2017
Tages Capital is pleased to announce that its Luxembourg domiciled range of UCITS absolute return funds has been added to Allfunds Bank, the largest fund distribution network in Europe. The funds will be immediately available to Allfunds’ clients in Italy, Spain, Switzerland and the United Kingdom and will also benefit from the presence of Allfunds in over forty countries.
Tages Capital, one of Europe’s leading specialist alternative asset managers, partners globally with pre-eminent investment managers to bring high quality absolute return strategies to the UCITS alternative market. Tages International Funds SICAV is a fully independent Luxembourg UCITS platform with partnerships including Anavon Capital, Cygnus Asset Management, P. Schoenfeld Asset Management (PSAM) and Rotella Capital Management.
Tages Capital’s Luxembourg UCITS fund range currently available through Allfunds include:
Anavon Global Equity Long/Short UCITS Fund, managed by Avraham Mevorah and Avi Fruchter of Anavon Capital in London, is a strategy focussed on identifying overlooked opportunities in developed markets both on the long and short side through a highly liquid portfolio.
Tages Cygnus Europa Event Driven UCITS Fund, managed by José Luis Perez and his team at Cygnus Asset Management in Madrid, has the objective of capturing investment opportunities around corporate activity in Europe. The fund aims to generate equity-like returns uncorrelated to the market.
Tages PSAM Credit Fund, managed by New York based P. Schoenfeld Asset Management (PSAM), seeks to generate attractive risk adjusted returns from a portfolio of liquid long and short high yield bonds with a focus on catalyst-driven situations.
Tages Rotella UCITS Fund, managed by Chicago based Rotella Capital Management, is a systematic managed futures fund which aims to achieve long-term capital appreciation with a low correlation to equity and fixed income markets, particularly in times of market stress.
Jamie Kermisch, CEO at Tages Capital, said “We are delighted that our UCITS alternative funds are now available to investors on the Allfunds platform which will enable a broader group of investors to benefit from our absolute return strategies. These funds continue to offer access to leading hedge fund portfolio managers with truly differentiated absolute return strategies.”
Nara Capital Reach $100m in AUM Following Strategic Investment by Tages Capital12 October 2017
New York, 5 October 2017: Nara Capital, a New York based investment manager founded by Charles Smart and Paride “Alex” de Calice, announced today that it has entered into a strategic relationship with Tages Capital.
Nara Capital is led by CEO and CIO, Charles Smart. The firm’s 6 founding partners have an average 8-years working together managing hedge fund assets. Nara Capital was founded in 2016, and manages more than US$100 million. The Nara Capital Master Fund formally launched in April, 2017 with support from a broad base of global investors.
Nara Capital seeks to derive returns through identifying relative value opportunities in mortgage and asset-backed securities, securities that have concentrated exposures to specific credit and pre-payment risks. Portfolio construction relies heavily on integrated risk management, and on the fundamental negative correlation between pre-payment and credit risk premia, to target high current income generation relative to anticipated return volatility, while allowing for specific positioning to capture identified asymmetric pay-out opportunities.
Prior to founding Nara Capital, Mr. Smart was a Principal and a Senior Portfolio Manager at Structured Portfolio Management (“SPM”) of Stamford, CT, where he was portfolio manager of that firm’s flagship fund, and was responsible for co-managing the firm’s nearly $4 billion fixed income assets under management. Messrs. Smart and de Calice each spent 8 years at Structured Portfolio Management. Mr. Smart has more than 25 years of industry experience, and has traded MBS Derivatives at various investment banks including Deutsche Bank, FTN Financial, and Nomura Securities, where he was Head of MBS Trading.
Charles Smart, Co-Founder and CIO of Nara Capital, said:
“Nara is excited to partner with Tages, and to access their expertise and guidance in launching our fund. Nara’s analytical, risk-focused strategy is positioned for significant opportunities in a shifting environment for specific structured products. With the support of Tages, Nara’s team of experienced investment professionals can deliver to investors the rewards of our established, successful strategy with the benefits of an emerging manager's focus and vigor.”
Mark de Klerk, Head of Seeding Strategies at Tages Capital, said:
“We are extremely pleased to have been able to partner with this professional team who have previously worked together and have such extensive expertise in the U.S. mortgage space. As one of Europe’s most active seed investors, we are always on the lookout for strategies which fit well into our institutional client portfolios. In this case we have seen particular interest from insurance clients who appreciate that this specialist role can harvest attractive risk adjusted returns through the cycle.”