Database/Caspian Event-Driven
HedgeF016 · Vintage 2014Open

Caspian Event-Driven

Caspian Capital

Announced-deal merger arbitrage, with a tilt to complex regulatory and cross-border situations.

Event DrivenMerger ArbitrageUSEuropeArticle 6
Performance · since fund launch

Cumulative net return

8.6%
since inception · +2.4pp vs benchmark
-15%-10%-5%0%5%2020 Q12020 Q32021 Q12021 Q32022 Q12022 Q32023 Q12023 Q32023 Q4
QuarterQuarterly returnSharpevs bench (pp)
2022 Q1-0.5%1.71-2.36
2022 Q2-4.6%1.67-6.38
2022 Q3-4.2%1.62-6.05
2022 Q4-2.9%1.31-3.76
2023 Q1+3.5%1.63+1.74
2023 Q2+1.6%1.37-0.45
2023 Q3+3.0%1.32+2.60
2023 Q4+4.0%1.42+2.80

Terms

Target fund size£1.2bn
Current AUM£950m
Min ticket£5m
Max ticket£100m
Target net IRR8–11%
Lock-up1 year
Management fee1.50%
Carry / performance20%
BenchmarkHFRI Merger Arbitrage
ESG / SFDRArticle 6
Liquidity

Monthly liquidity, 30-day notice.

Investment highlights

  • 20+ year track record across founders' careers

Top 5 holdings

Largest positions · % of fund · simulated
  • Highgate Realty12.5%
  • Junction Foods12.2%
  • Sterling Bancorp12.1%
  • Halcyon Energy6.7%
  • Redwood Capital4.3%