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Investcorp provides seeding to hedge fund led by former Goldman Sachs managing director
May 26, 2011 by Martin Leonard
Alternative asset manager Investcorp has provided seed capital to Prosiris Capital Management, the New York hedge fund led by former Goldman Sachs managing director Reza Ali.
Investcorp did not disclose the size of its investment but it generally provides initial investments of between $50 million to $100 million into single manager funds. Prosiris focuses on structured credit markets by managing portfolios of structured finance assets, corporate credits and credit derivatives.
The fund will have six employees at launch although there are plans for additional hires in the near-term. Ali said working with Investcorp would give his fund a “bridge to institutional investors that is uncommon for an early stage investment fund.”
“Investcorp has a deep understanding of structured credit having first invested in structured credit in late 2006 in the short sub-prime sector,” said Deepak Gurnani, head of hedge funds and chief investment officer at Investcorp.
“The relationship with Prosiris allows us and our investors to capitalise on the opportunities in structured credit, a market where the barriers to entry are disproportionately high relative to an estimated $1 trillion market,” he added.
Ali has 19 years industry experience. He was previously head of the Americas Principal Funding and Investments Group at Goldman Sachs from 2006 until 2009. Prior to this, he worked at Merrill Lynch where he created the firm’s structured credit proprietary trading desk and headed structuring for credit derivatives in Europe.
