Two Hedge Fund CEFs Consider Liquidation

CEF TIMES: Both BlackRock Absolute Equity and Gottex Market Neutral Trust have put forward proposals to wind up the funds

Jackie Beard, FCSI, 1 June, 2011 | 10:10AM

CEF News: May 25 –Jun 1
Fund of hedge funds BlackRock Absolute Equity (BARS) is proposing to realise all investments in all three share classes and wind up the fund. Launched in April 2008, the fund raised over £160 million, but is now worth around £125 million. All three share classes currently trade at a discount in the region of 10% to NAV.

It’s a similar story at Gottex Market Neutral Trust (GMNT) which has also put forward proposals to liquidate its remaining holdings and wind up the fund. This one has had a slightly longer life, having launched in March 2007, but trades at a much wider discount to NAV, of more than 38%.

Indian private equity company Elephant Capital (ECAP) has confirmed it will not be making any new investments from hereon. It is proposing a tender offer of up to £5 million (total assets currently exceed £31 million).

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