Foundation gurus Albert W. Hsu and Timothy J. Crowe have teamed up to form their own firm, Anchor Point Capital LLC. The firm's headquarters will be in Miami, Mr. Crowe's hometown, while he and several analysts will work from a satellite office in midtown Manhattan.
The new alternative investment firm will launch a series of single-strategy hedge funds of funds on Jan. 1, Mr. Hsu said. The first strategies offered will be long-short equity, credit, event-driven and global macro. The firm will also offer a multi-strategy hedge fund of funds using the firm's single-strategy vehicles. Anchor Point will cater to institutional investor.
"We will be able to provide our clients with access to hedge fund managers other can't, because we have established relationships with so many over the years," Mr. Hsu said.
A popular and outspoken figure on the conference speaker circuit, Mr. Hsu recently left his position as U.S. investment officer of The Atlantic Philanthropies, New York, which has assets of approximately $3 billion. London-based Philip Coates, deputy chief investment officer, assumed responsibility for U.S. based investments and manager relationships, said Kristen Durkin, a spokeswoman for the charity.
Mr. Crowe retired as vice president and chief investment officer of the $1.9 billion John S. and James L. Knight Foundation, Miami, earlier this year (Pensions & Investments, Feb. 7). Mr. Crowe and his nine-member in-house investment team employed a sophisticated investment approach using active alternatives managers as alpha generators surrounded by passive portfolios. The foundation had 30% of assets allocated to hedge funds and had invested directly in hedge funds for nearly a decade by the time Mr. Crowe left.
Knight Foundation trustees elected to outsource investment management after Mr. Crowe announced his retirement, and the investment department was dismantled. Cambridge Associates LLC, Boston, the foundation's consultant, was selected to manage assets of the Knight Foundation.