Tages Capital launches new tail hedge UCITS fund - Tages Paladin06 September 2018
London 6th September 2018 - Tages Capital (‘Tages’), one of Europe’s leading specialist alternative asset managers, has announced the launch of the Tages Paladin Fund. The new Fund incorporates an innovative tail risk hedging strategy designed to provide investors with protection from a broad range of adverse market conditions globally without the typical burden of negative carry associated with such strategies in upward trending markets.
Indar Capital Launches European Special Opportunties Fund Following Strategic Investment By Tages Capital09 July 2018
London, 9th July 2018: Indar Capital LLP (“Indar Capital”) announced today that it has entered into a strategic relationship with Tages Capital LLP (“Tages Capital” or “Tages”) as anchor investor for the imminent launch of the Indar European Special Opportunities Fund, which implements an opportunistic deep value plus catalyst strategy focused on liquid European equities and distressed situations.
Roman Zurutuza left Gruss Capital Management LLP (“Gruss”) in December 2017 to form Indar Capital. He has been joined by his analyst team from Gruss, Adrian Taylor and Carlos Soriano, who have worked with him for almost 10 and 4 years respectively. Raza Khan joins as COO, together with Tyson Appadoo as Trader and Priti Anda, also ex-Gruss, as Head of Operations. Raza Khan was previously a founding partner at Canosa Capital LLP and Powe Capital LLP. The team will continue to apply the same strategy and processes that Roman practiced during his 15 years at Gruss. Indar Capital expects the fund to launch with approximately $70m in early July. Substantial additional commitments have been made which should materialise in coming months.
Indar, which takes its name from the Basque word for strength, resilience and effectiveness, focuses on a fundamentally driven opportunistic strategy. As Indar is sector, instrument and country agnostic, albeit with a focus in Europe, it can be nimble across asset classes and regions in exploiting a wide range of opportunities across the cycle. A disciplined and process-driven investment methodology results in a high conviction and highly concentrated portfolio. Long term capital preservation and liquidity is a key tenet of Roman’s style. Mark Smith - former joint-CIO at Gruss until 2013 - and Emilio Saracho, former Global Vice-Chairman of JP Morgan – have also joined Indar Capital as advisors.
Roman Zurutuza, Founder and CIO of Indar Capital, said: “As we began a new chapter in our lives with Indar, it was important to have the right partner – not just one who understood us and the way we invest, but where there was a clear and strong cultural and philosophical fit. It is clear to us that Tages is the right partner. We look forward to working with Tages and together with all investors who join us on this journey.”
Mark de Klerk, Head of Seeding Strategies at Tages Capital, said: “Tages is excited to be collaborating with such a high calibre team in making the first investment from the second vintage of our dedicated seeding program. We think that Roman and his team’s experience of investing together across asset classes with a deep value, opportunistic and catalyst-driven approach is a very attractive way of accessing the rich opportunity set in Europe at this late stage in the cycle and provides an ‘all weather’ investment for our institutional clients”.
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.