Laurus Capital Management, a hedge fund manager, will close its existing flagship fund, the Laurus U.S. fund, on May 1. Dennis Pollack, senior managing director, said the fund is being closed to preserve shareholder value and protect performance. Existing investors will be permitted to add to their investments in the $1.5 billion fund in the interim, Mr. Pollack said.
On June 1, Laurus Capital will launch the Valens Fund, a clone fund which will use the firm’s core investment strategy of investing in publicly traded U.S. microcap and small-cap companies seeking growth capital. Two share classes will be available, the first with a one-year lockup, a 2% management fee and 20% incentive fee and an early redemption option. The second share class offers fees of 1.5% and 15% in exchange for a hard three-year lockup and no redemption option.
