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Credit Suisse closes hedge fund stakes firm

Credit Suisse closes hedge fund stakes firm

Credit Suisse is closing Anteil Capital Partners, sources familiar with the matter have confirmed to Citywire Switzerland.

Anteil Capital is a firm that takes minority stakes in hedge funds. Its closure comes in response to the more competitive landscape for new entrants, as well as headwinds in the hedge fund industry.

Credit Suisse declined to comment on the matter.

According to a Bloomberg report, the co-heads of Anteil Capital Partners – John Powers, a former Stanford Management chief, and Anthony Maniscalco, a former Blackstone executive – are leaving the bank along with most of the team.

Anteil Capital was formed in September 2016 and sought to raise between $1.5 billion and $2 billion for a fund buying minority stakes in 10 to 12 mature fund management firms, primarily hedge fund shops.

Specialist hedge fund publication HFM Week reported in April this year that Anteil Capital Partners was expected to close its first fund with around $300 million.

Reshaping liquid alternatives

Credit Suisse has spent much of this year streamlining its liquid alternatives division.

The firm closed the fund of hedge funds Credit Suisse Prime Select Trust (Lux) Multi Strategy, as clients started looking more towards long/short strategies.

In March, Credit Suisse liquidated another alternative fund, the CS (Lux) Prima Growth, based on changes in demand from investors.  

Another strategy from the firm's fundamental bucket, the CS (Lux) Systematic Return fund, underwent the shift towards momentum strategies in order to create a cost-efficient alternative to CTAs and other trend-following exposures.

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