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November 21, 2006

Thomas Lee Planning $400M Hedge Fund IPO

posted by MR WAVETHEORY at 11/21/2006 08:56:00 AM
Thomas H. Lee is planning to raise $400 million for an initial public offering of a hedge fund. The planned offering, a fund-of-funds named Lee Diversified, would launch sometime in early 2007.

"We plan on marketing the fund in the new year and we are quite optimistic," Lee told Bloomberg.

Lee said he had planned to float the fund at the end of this year but "the entire process has taken somewhat longer than we had originally foreseen."

His announcement followed word of the $2 billion hedge fund IPO at Marshall Wace. MW on Nov. 13 became the second fund to list on Euronext in November. Boussard & Gavaudan raised a $520 million multi-strategy offering Nov. 1.

Billionaire Lee became a household name in 1992 with his takeover and subsequent $1.7 billion sale of Snapple Beverage Co.

The 62-year-old Lee in March stepped down from Thomas H. Lee Partners, the Boston-based private equity firm he founded in 1974, to expand Thomas H. Lee Capital Management, his hedge fund company. Blue Star I, the Thomas H. Lee Capital flagship, has returned 22.1% annually. The company has $1.9 billion under management.

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Anonymous Anonymous said...

A lot of time is spent on the alpha versus beta debate but little consideration is given to another equally important but often ignored greek letter - rho or the sensitivity to changes in interest rates. Some San Diego business investors fund strategies have negative rho, that is depend on interest rates staying low. Ironically pension funds have positive rho as rising rates permit them to use a higher number to discount future liabilities. That can be a pyrrhic victory because on the asset side of the balance sheet their portfolios of stocks and bonds tend to fall in such times. It therefore makes sense for investors to diversify with OTHER strategies that tend to perform well in a RISING interest rate environment.

3:34 AM  
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2:43 AM  

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