Eton Park Raises $518.5 Million for New Emerging-Markets Fund
By Jenny Strasburg and Miles Weiss
June 1 (Bloomberg) -- Eton Park Capital Management, the hedge-fund firm founded by former Goldman Sachs Group Inc. partner Eric Mindich, raised $518.5 million for a private-equity fund to invest in developing countries.
Eton Park, which manages $6.2 billion, has made investments in developing countries including Brazil and Mexico through its Eton Park Fund. It disclosed fund-raising for the private-equity fund, Eton Park Emerging Markets Fund LP, in May 15 filings with the U.S. Securities and Exchange Commission.
Emerging-markets hedge funds have outperformed their peers for much of the past year. Some managers who invest in developing regions now are setting their sights on closely held companies. New York-based Eton Park's new fund will focus on South America, Africa, Eastern Europe and the Middle East.
``A lot of privately held companies in developing countries need help with their growth,'' said Virginia Parker, who helps advise about $1.8 billion in client money at Parker Global Strategies LLC in Stamford, Connecticut. ``Most of the private- equity capital is still chasing opportunities in the more developed markets.''
Eton Park spokeswoman Mary Beth Grover declined to comment.
Private-equity firms gathered more than a record $400 billion in 2006, a 29 percent jump from the year earlier, according to data compiled by London-based research firm Private Equity Intelligence Ltd.
Hedge Funds
Emerging-markets hedge funds, led by those focused on Asia, returned an average 8.5 percent in the first four months of this year, according to data compiled by Chicago-based Hedge Fund Research Inc. The average hedge fund rose 4.9 percent, and the Standard & Poor's 500 Index of U.S. stocks climbed 5.1 percent.
The team overseeing the Eton Park Emerging Markets Fund includes Mindich; Erland Karlsson, former co-head of Goldman's principal-strategies department; Edward Misrahi, previously Goldman's chief of proprietary trading and Latin America; and Dirk Donath, formerly with buyout firm Pegasus Venture Capital.
Investors in Mindich's Eton Park Fund and Eton Park Overseas Fund have included Harvard Management Private Equity Corp., Partners Healthcare System Inc., Rockefeller Brothers Fund Inc., Goldman Sachs Global Event Driven LLC and the Weatherlow Fund I LP, according to SEC filings.
Eton Park's existing funds have invested in companies such as Brasil Telecom Participacoes SA, Brazil's third-biggest telephone company, and Mexico's Cemex SAB, the world's third- largest cement producer, according to earlier filings. The combined value of publicly traded emerging-markets stocks held by Eton Park as of March 31 was almost $244 million excluding options held on the iShares MSCI Emerging Markets exchange-traded fund, according to a regulatory filing.
By Jenny Strasburg and Miles Weiss
June 1 (Bloomberg) -- Eton Park Capital Management, the hedge-fund firm founded by former Goldman Sachs Group Inc. partner Eric Mindich, raised $518.5 million for a private-equity fund to invest in developing countries.
Eton Park, which manages $6.2 billion, has made investments in developing countries including Brazil and Mexico through its Eton Park Fund. It disclosed fund-raising for the private-equity fund, Eton Park Emerging Markets Fund LP, in May 15 filings with the U.S. Securities and Exchange Commission.
Emerging-markets hedge funds have outperformed their peers for much of the past year. Some managers who invest in developing regions now are setting their sights on closely held companies. New York-based Eton Park's new fund will focus on South America, Africa, Eastern Europe and the Middle East.
``A lot of privately held companies in developing countries need help with their growth,'' said Virginia Parker, who helps advise about $1.8 billion in client money at Parker Global Strategies LLC in Stamford, Connecticut. ``Most of the private- equity capital is still chasing opportunities in the more developed markets.''
Eton Park spokeswoman Mary Beth Grover declined to comment.
Private-equity firms gathered more than a record $400 billion in 2006, a 29 percent jump from the year earlier, according to data compiled by London-based research firm Private Equity Intelligence Ltd.
Hedge Funds
Emerging-markets hedge funds, led by those focused on Asia, returned an average 8.5 percent in the first four months of this year, according to data compiled by Chicago-based Hedge Fund Research Inc. The average hedge fund rose 4.9 percent, and the Standard & Poor's 500 Index of U.S. stocks climbed 5.1 percent.
The team overseeing the Eton Park Emerging Markets Fund includes Mindich; Erland Karlsson, former co-head of Goldman's principal-strategies department; Edward Misrahi, previously Goldman's chief of proprietary trading and Latin America; and Dirk Donath, formerly with buyout firm Pegasus Venture Capital.
Investors in Mindich's Eton Park Fund and Eton Park Overseas Fund have included Harvard Management Private Equity Corp., Partners Healthcare System Inc., Rockefeller Brothers Fund Inc., Goldman Sachs Global Event Driven LLC and the Weatherlow Fund I LP, according to SEC filings.
Eton Park's existing funds have invested in companies such as Brasil Telecom Participacoes SA, Brazil's third-biggest telephone company, and Mexico's Cemex SAB, the world's third- largest cement producer, according to earlier filings. The combined value of publicly traded emerging-markets stocks held by Eton Park as of March 31 was almost $244 million excluding options held on the iShares MSCI Emerging Markets exchange-traded fund, according to a regulatory filing.
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