Hedge Fund Videos | 30+ Free Videos on Hedge Funds

The NIR Group LLC | Alternative Investments Hedge Fund Notes

The NIR Group

The NIR Group LLC | Hedge Fund Note

The following piece on NIR Group LLC is being published as part of our Hedge Fund Tracker Tool, our daily effort to track hedge funds in the industry.

Resource 1: New York-based NIR Group, a $7 billion alternatives finance shop, is restructuring its AJW family of funds following a wave of redemptions.

A source told FINalternatives that the firm’s AJW funds, which focus on small- and micro-cap companies’ convertible securities, “are seeing very significant redemptions,” forcing the firm to restructure the funds “immediately.” Investors are being offered either a three-year lockup or a quarterly redemption system with 90 days’ notice, although the latter allows clients to withdraw just one-eighth of their holdings per quarter. In return, NIR is slashing fees from 2% for management and 20% for performance to 1% and 15%, respectively.

NIR said in a statement that the move was necessary to protect the capital of all investors.

“Recently, due to circumstances outside its control, The NIR Group elected to restructure several of its hedge funds, the AJW Family of Funds,” the firm said.

“The funds, which specialize in asset-based investment structures, have received more than normal redemption requests from investors who need to meet liquidity calls of their own. The proposal seeks the commitment of investors’ capital in two new structures for longer terms and includes reduced fees for NIR Group. The background to the new structure proposal is due to the recent market turmoil and poor liquidity of the investors themselves in the AJW funds. These redemptions are not in any way tied to poor performance.” Source

Related to The NIR Group LLC | Alternative Investments Hedge Fund Notes:

Tags: The NIR Group LLC | Alternative Investments Hedge Fund Notes, NIR Group, The NIR Group, NIR Group LLC, NIR Group Hedge Funds, NIR Group Asset Management

Link to This Resource: The NIR Group LLC | Alternative Investments Hedge Fund Notes


No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

Redesign by HedgeCo Website Creation