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18 Feb 2008

Hedge Fund Vehicle Dexion Absolute Raises $263 Million

Dexion Absolute, a 1.4 billion pound ($2.7 billion) fund of hedge funds (FoHF) announced today that it raised a further $263 million for its hedge fund investments. Dexion had previously raised $950 million above its original target in an oversubscribed share issue in December last year.

According to the Association of Investment Companies, hedge funds made up the biggest proportion both of investment firms' new issues and firms raising additional capital in 2007.

The FoHF's assets are invested in an actively managed portfolio of hedge funds selected by its Investment Advisor and diversified by investment strategy, style and manager. Another fund of hedge funds that is marketed by Dexion Capital, is considering a new offer of shares to meet demand from new and existing investors. The fund of macro hedge funds is managed by Permal Group, part of Legg Mason Inc.

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