PHOTO
The Dubai-based Magellan Capital Holdings Ltd. is poised to launch a $700 million multi-strategy hedge fund next month, making it one of the largest debuts in the UAE.
According to Bloomberg, the fund will run equity and credit strategies, quoting Britney Lam, head of long-short equities for the firm.
“Once the track record is established — in around 12 months — we will begin speaking to key allocators,” Lam told the news agency, referring to family offices and sovereign funds in the region.
Last month, Magellan Capital acquired majority of the A-Class shares in DanmarksSkibskredit (Danish Ship Finance) from Nordic private equity firm Axcel, Danish pension funds, PFA Pension, PKA A/S and minority shareholders.
Funding for the €700 million deal came in part from Magellan Capital’s $360 million bond issuance earlier in July.
(Writing by Bindu Rai, editing by Daniel Luiz)
