Eleva Capital has launched its second fund which will be managed by founder and Citywire AA-rated manager Eric Bendahan, Citywire Selector can exclusively reveal.
The Eleva Absolute Return Europe fund was formally launched on December 30 2015 and is Ucits-compliant. The new fund is designed to reduce volatility and is managed along the same lines as the Eleva European Selection fund.
Commenting on the launch Bendahan said: 'It is a long/short orientated fund and our second launch since we started Eleva in early 2015.'
''Although it is very similar in terms of style and investment philosophy to the Eleva European Selection fund, it will aim to lower volatility and generate returns not only on the long side, but also on the short side.'
He added that running his own asset management company had provided him with the ability to add new products with relative ease as the time lag between deciding to launch a fund and the official launch was shorter than in a larger firm.
Bendahan set up Eleva Capital after spending nine years at working at SYZ Asset Management, where he managed the OYSTER European Opportunities fund, among others. In January 2015, the asset manager launched the Eleva European Selection fund which has grown to over €708 million under Bendahan’s management.
The newly-launched fund is Luxembourg-domiciled and is in the process of being registered for sale in Austria, Belgium, France, Germany, Italy, Spain and the UK which should be completed by the end of the week. It will also be available for distribution in Switzerland by the end of January.