Simple Alternatives hired Sonica Capital and Garelick Capital Partners as subadvisers of its S1 Fund, a long/short equity hedge fund of funds, offered in a mutual fund format.
Alexander Fodor, CEO and chief investment officer of Sonica Capital, will manage between $10 million and $20 million from the S1 Fund in a long/short equity strategy, confirmed James K. Dilworth, Simple Alternatives' founder and CEO, in an e-mail. Sonica Capital was launched in November 2008 and manages about $65 million.
Garelick Capital Partners is a new hedge fund manager, launched in early May by Bruce Garelick, founder, managing partner and CIO. Simple Alternatives is providing the firm's first seed capital of between $10 million and $20 million, Mr. Dilworth said.
The S1 Fund manages about $82 million for a mostly institutional investor base.