Balbec Capital Raises Over $1.5bn for the Fifth Global Credit Fund (Opalesque)
Global alternative asset manager Balbec Capital Management has secured over $1.5 billion in commitments for its fifth and largest flagship fund, which it will deploy to buy up residential, commercial, and consumer whole loan portfolios across the performance spectrum. InSolve Global Credit Fund V also comes with a $100 million expandable co-investment vehicle, said a media note from the investment management services. The Fund received significant support from a diverse base of existing Balbec clients and new investors globally.
Twitter Subpoenas Ken Griffin Amid Hunt for Musk’s Deal Backers (Bloomberg)
Ken Griffin, the billionaire founder of hedge fund Citadel, was added to a sweeping list of those Twitter Inc. has subpoenaed in its effort to force Elon Musk to complete his $44 billion purchase of the social media company. The subpoena notice for Griffin, whose involvement — if any — in Musk’s proposed takeover of the company is unclear, was filed Wednesday as part of a slew of document requests from both sides of the deal. Twitter has sought information from more than a dozen investment firms that committed equity to Musk’s purchase as well as the banks that had advised Musk and pledged billions in financing.
Palm Beach Hedge Fund Association partners with Grassi Advisors & Accountants (Hedge Week)
The Palm Beach Hedge Fund Association (PBHFA) has partnered with Grassi Advisors & Accountants (Grassi), a provider of tax, audit and accounting services for the financial services industry and high-net-worth individuals. As a strategic partner, Grassi will be a resource to PBHFA members on compliance, risk management, operational efficiencies and technology selection, as well as individual tax planning, estate, trust and gifting strategies. The firm’s financial services professionals in Florida and New York specialise in providing business advisory and compliance services, including fund administration, tax and audit services, financial reporting, outsourced CFO, technology consulting and bookkeeping.
Equitas Capital Advisors Wins Hedgeweek Americas Award (BizNewOrleans.com)
NEW ORLEANS (press release) – New Orleans-based Equitas Capital Advisors was awarded the Hedgeweek Best Multi-Strategy, Multi-Manager Fund Award for its Equitas Evergreen Fund in October, 2021. The winners of the Hedgeweek Americas Awards represent the prior year’s best in the American hedge fund industry. The annual awards are presented by Hedgeweek in conjunction with Bloomberg. Equitas Evergreen Fund was launched in July 2003 and manages alternative investments representing seven investment strategies across a combination of 18 funds managed by 12 mangers. Not only did the Evergreen Fund attain the Hedgeweek award, the fund ranks in the top 10 of the Bloomberg Database for the last one, three, five and 10-year periods worldwide in the category of Multi-Strategy Hedge of Hedge Funds.
Macro U-Turn To Make Ethereum ‘Run Tremendously Hard,’ Says Crypto Hedge Fund CEO (The Daily Hodl)
The chief investment officer of Ikigai Asset Management is highlighting one key event that’s necessary to potentially spark a rally in cryptocurrencies. In an interview with the Bankless podcast, Ikigai co-founder Travis Kling says that beyond the US Federal Reserve’s policies which risk sending the economy into recession, it’s the ongoing conflict between Russia and Ukraine that ultimately needs to be resolved in order for the macroeconomic picture to stabilize.
Thursday 8/4 Insider Buying Report: PRG, AINV (Nasdaq.com)
On Tuesday, PROG Holdings’ CEO, Steven A. Michaels, made a $283,590 purchase of PRG, buying 15,000 shares at a cost of $18.91 each. Michaels was up about 8.0% on the purchase at the high point of today’s trading session, with PRG trading as high as $20.41 at last check today. PROG Holdings is trading up about 3% on the day Thursday. This purchase marks the first one filed by Michaels in the past twelve months. And on Wednesday, Chief Executive Officer Howard Widra purchased $260,130 worth of Apollo Investment, purchasing 20,000 shares at a cost of $13.01 each. This purchase marks the first one filed by Widra in the past year. Apollo Investment is trading up about 0.8% on the day Thursday.
$1.5 Million Bet On Global Water Resources? 4 Stocks Insiders Are Buying (Benzinga)
Global Water Resources: The Trade: Global Water Resources, Inc. (GWRS) Director Andrew Cohn acquired a total of 111,000 shares at an average price of $13.50. To acquire these shares, it cost around $1.5 million. W. R. Berkley: The Trade: W. R. Berkley Corporation (WRB) Director Mark E. Brockbank bought a total of 6,000 shares at an average price of $61.96. To acquire these shares, it cost around $371.78 thousand.
Coinbase Exec at Heart of Insider Trading Scandal Pleads Not Guilty in Federal Court (Coin Telegraph)
Former Coinbase Global product manager Ishan Wahi pleaded not guilty to two counts of wire fraud conspiracy and two counts of wire fraud in a Manhattan federal court on Wednesday, Reuters reported. Wahi has been accused by United States law enforcement and the Securities and Exchange Commission (SEC) of insider trading while at Coinbase. He was arrested in May as he attempted to board a flight to India and was charged in July.
