S. Pacific Start-Up Preps U.S. L/S Fund

Agari Capital Management, a start-up hedge fund firm based in Vanuatu in the South Pacific, is seeking seed investors prior to launching its first hedge fund, probably in August. TheSavadenn Fundwill be a long/short U.S. equity fund focused on the energy, alternative energy, natural resources, biotechnology and nanotechnology sectors, saidFabrice Quéguineur, founder and cio. The firm is already running the strategy internally with $5 million of Quéguineur's own money and hopes to launch the fund with $100 million, he added.

The Cayman-domiciled fund will carry a 2% management fee and a 20% performance fee with a high-water mark. It will have a $100,000 investment minimum. Quéguineur is undertaking a roadshow through Europe and Asia in search of seed investors, and is also talking to funds of funds that might invest once a significant amount of assets has been raised, he said.

Quéguineur used to be a portfolio manager at €75 billion French firmGroupama Asset Management.