New hedge fund of funds opens for institutional investors

Benchmark Plus Management introduced the Benchmark Plus Long Short Partners Fund, a new institutional hedge fund of funds for onshore and offshore investors. The new fund allocates assets to specialist niche managers in 12 equity strategies, including market neutral, microcap, sector funds and activist managers, according to a statement. The fund has already attracted $270 million and has capacity of up to $2 billion, Robert Ferguson, principal, said in an interview. The strategy uses portable alpha techniques, targeting between 300 and 600 basis points of alpha, and is offered in a market-neutral and an equity-enhanced S&P 500 index version, Mr. Ferguson said.