News round-up: Hedge-fund pioneer and philanthropist surrenders 180 stolen antiquities; Launch of fund of crypto hedge funds; Kevin Gahwyler joins Meteora Capital in New York

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London based Falcon Investment Management plans the launch of fund of crypto hedge fund

The Funds of Funds which is due to debut in January aims to raise $250 million over the next year. The Cayman-domiciled Falcon Fund of Funds will initially invest in five crypto-focused hedge funds that sit within Falcon’s platform and are subject to the firm’s risk and compliance controls.

The plan is to allocate investor capital equally across the five strategies. The five separate teams manage arbitrage, market neutral, volatility, directional, and DeFi focused crypto strategies. There in an investment minimum of USD100,000. The fund will charge one and 15, with monthly liquidity

Hedge-fund pioneer and philanthropist Michael Steinhardt has surrendered 180 stolen antiquities

Hedge-fund pioneer and philanthropist, Michael Steinhardt, has surrendered the antiquities currently valued at $70 million. He has been banned from acquiring antiquities for life, Manhattan District Attorney Cyrus Vance Jr. has said.

The surrender comes following a probe that began in 2017 into Steinhardt’s “criminal conduct,” the DA’s office said in a statement announcing an agreement with the billionaire to give up the artwork.

“The seized pieces were looted and illegally smuggled out of 11 countries, trafficked by 12 criminal smuggling networks, and lacked verifiable provenance prior to appearing on the international art market, according to the Statement of Facts summarizing the investigation,” the office said.

Vance said the agreement with Steinhardt, will result in the stolen items being returned to their rightful owners in those countries and they will not be held as evidence “to complete the grand jury indictment, trial, potential conviction and sentence.”

The agreement, filed in Manhattan Supreme Court, ends a grand jury probe of Steinhardt, meaning he will not be criminally charged in the case, according to the DA’s office.

Steinhardt founded his company Steinhardt Partners LLP in 1967. He closed the hedge fund in 1995. He also served 15 years as chairman of the board of Wisdom Tree Investments before retiring in 2019.

Kevin Gahwyler joins Meteora Capital in New York

The Glazer Capital portfolio manager, Vik Mittal, is preparing to spin-out his SPAC investing strategy into a new hedge fund business, Meteora Capital.

Mittal founded Meteora Capital earlier in 2021 as an internal unit at Glazer and is set to launch the business as a stand-alone entity by the end of this year.

The transition will move two closed-ended funds to the new entity and include the launch of a new public markets Spac fund in the first quarter of 2022.

His first COO hire, Kevin Gahwyler, joins the New York launch fund after almost 3 years at Measure 8 Venture Partners. Measure 8 is a cannabis focused VC fund launched by former Renaissance Capital co-founder Boris Jordan.

Gahwyler has worked in the hedge fund industry since the early 90’s and has held senior positions at firms including, Navy Capital, Twin Capital Management and KenCole Capital.

Carmen Bamford

Head of Event Content, HFM

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