Busara Advisors is partnering with the non-profit organization Sponsors for Educational Opportunity to launch the Busara True Opportunity Fund, a new emerging manager hedge fund of funds.
Targeted at endowment, foundation and pension fund investors, the commingled fund, managed by Busara, will invest in hedge fund managers running less than $500 million, said Joseph Schlater, CEO, in an interview. He expects the fund to launch in late summer.
Hedge fund managers selected for inclusion in the fund must commit to hosting college undergraduates as part of SEO’s summer internship career program. SEO also provides urban public high school students with academic support and college preparation.
“The focus of our program is promoting diversity within the alternative investment management industry,” said Julian Johnson, senior vice president, who oversees SEO’s alternative investments program, in an interview.
Mr. Schlater said interest from institutional investors in the new fund of funds is high, although the fund has yet to attract its first investor.