Any info on Aperture Investors?

hipman100

Charges 30% performance fee with 35% going to relevant investment team with partial 3 year clawback.

MMPM

35% of the 30%, i imagine? So PMs get 10% of PNL and Kraus pockets 20%?

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Pan European Monkey

My understanding is that management fee is ETF like, so a chunk of performance must go to running costs.

Been in meetings with/know Kraus through personnal connections, and can say it's definitely a smart guy that has a good vision for the platform he is building and can raise AuM relatively easily, though he is not involved with the investing process at all.

Authored by: Certified Private Equity Professional - 1st Year AssociateCertified Private Equity Pro

Analyst 3+ in HF - EquityHedge

does the clawback work similarly at other platforms? Actually never heard of a 3 year clawback.

Usually at platforms bonus over a threshold is distributed over say next 3 years. But I'm assuming if losses occur then the bonuses are not or wiped out?

Authored by: Certified Hedge Fund Professional - 3rd+ Year AnalystCertified Hedge Fund Pro

Research Analyst in HF - Other

Most Helpful

Their Credit Opps team run by Shikhar Ranjan was hiring a while back and I spoke to them. Unique fee structure as mentioned above which is the main thing that sets them apart.It's not like a multi-manager setup, each strategy has their own LP and money. They got a $4bn check from Generali to partner/kickstart Aperture. So the funds right now are probably close to or sub $1bn. The Credit opps was around $500mm when it launched and then was set to grow. Since these are all 40 act style/UCITS/SICAVs etc. you can actually track their daily performance on bloomberg. Interesting actively managed fund strategies that rival the more liquid side of hedge fund structures/styles. The economics work well when you get massive AUM though. you get a performance fee (30%) on any amount ABOVE the benchmark - not zero or libor like most long/short places. So for a $1bn strategy - making 4-5% outperformance seems like a good year -> so that's $1bn * 5% * 35% * 30% = $5.25mm for the investment team which is like 5-6 or so guys per strategy right now so maybe the PM keeps $3mil and pays out the rest to the other 4 -5 guys. At a MM pod you'd be getting a pool of $10mm to split amongst the team probably.

Authored by: Certified Hedge Fund Professional - Research AnalystCertified Hedge Fund Pro

AHC123

Thanks for the comment, yeah performance has been solid enough since inception - what is the general consensus on Shikhar Ranjan / Simon Thorp?

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KingAlpha

1mo

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