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00:31
With group assets of $17bn, Tages Group is active across alternative asset management and banking. The150 people strong group offers bespoke mandates and comingled funds to mainly institutional clients with a particular focus on: -  Hedge fund seeding and acceleration. -  Customised hedge fund solutions. -  Alternative UCITS funds. -  Alternative risk premia solutions. -  Renewable energy. -  Distressed debt.
02:33
Tages has been investing with emerging managers since inception. One of the most active European based seed investors over the past 4 years. Manages 2 dedicated seeding vehicles, focused on Offshore and UCITS seeding respectively. Completed 15 transactions for a total of $700m over past 4 years.
03:51
What attracts investors to Tages’ 2nd vintage offshore seeding program. Interest mainly from two groups: traditional hedge investors and traditional private equity allocators seeking: - Enhanced returns in a low yield environment (target 12-15% IRR). - Participation to a high margin industry at no additional cost. - Adding positive convexity as revenue share contribution can only ever be positive. - Private equity allocators like the diversification benefits, the natural exit and the contractual
05:50
How is Tages differentiated from other seed investors? One of the most active seed investors in the market place currently. Sourcing capability which leverages a much broader multi-manager team. Flexibility in deal structuring, avoiding a “one size fits all” approach. Partnership approach focused on helping managers build a best in class business.
07:47
Why conditions for seeding are currently very advantageous despite general challenges for hedge funds. Reasons for the current high demand for seeding.
11:15
Is the ongoing maturation of the industry with compression of fees and declining growth rates a headwind to seeding? - Fees resilient for true alpha providers and diversifiers. - Hedge funds are still a very high margin business. - Large increase of allocations to smaller and emerging managers globally.
13:27
Seeding versus buying minority GP equity stakes: Sometimes these two business models are lumped together by investors but they have much different risks and rewards. - Natural exit via redemption rights vs. uncertain investment duration. - Potential for less favourable control rights when negotiating with established managers. - Tages prefers traditional seeding model at the current point in the cycle. - Overhang of PE capital may present opportunities for traditional seeders.
16:35
The main criteria that Tages are looking for in an ideal seeding prospect. The need to recognise that building a successful business requires an additional skillset to being an excellent trader or portfolio manager. Additional benefits that seeder can negotiate and provide for their investors.
19:45
Is Tages focused on any particular strategies?. The role of risk factors. How can seeders manage the down side risk?. Tages’ current seeding pipeline: High quality opportunity set.

Tages Capital: One of Europe's largest and most experienced providers of seed and acceleration capital

Jul 26 2017 1 Comment
Tages Capital LLP is one of the most active and experienced providers of seed and acceleration capital to emerging alternative fund managers. Tages Capital has invested over $700m of seeding/acceleration capital across 15 transactions over the past 4 years and is part of Tages Group, an independent, partner-owned international asset management and banking group founded in 2011 with over $17bn in assets today. A number of the original Tages investment team partners, including CIO Salvatore Cordaro and Head of Seeding Strategies Mark de Klerk ...more

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