AustraliaÆs Packer family plans to let others in on its private investment strategy by offering local and institutional investors a share in its successful long-short hedge fund called Ellerston Global Managers.

The fundÆs executives began an international roadshow this week to raise $250 million from outsiders to invest in ôcore holdings and special situationsö. The strategy is to take long positions in growing sustainable companies with attractive returns on capital and short positions in companies affected by structural industry decline or with flawed business models.

It is expected that a lot of these opportunities will come from emerging markets like Asia or, more specifically, China where Ellerston is in the process of opening an office in Shanghai.

The fund will charge a 2% management fee and a 20% performance fee.

Ellerston Capital has opened its doors once before, raising A$115 million for a fund of hedge funds called Ellerston Master Fund last June. But it is believed only friends and family got access to the Ellerston Master Fund which then went on to invest in 25 absolute return fund managers, all of them ex-Australia.

The decision to open Ellerston Global Managers to outsiders comes three months after the death of Australian media legend Kerry Packer and the elevation of his son James Packer to head the Consolidated Press Holdings empire. James has been quick to make his mark, reshuffling the companyÆs board and focusing attentions on gaming rather than media.

The Packer family wealth is said to total A$7 billion with investments in television stations, casinos, ski resorts, cattle properties, and magazines. The hedge fund group Ellerston Capital û which is named after the family cattle station north of Sydney û has been a key contributor to this wealth since its launch in 1998.

The fund is run by chief executive Glenn Poswell who was formerly head of Asia Pacific absolute return strategies at Deutsche Asset Management in Australia, and chairman Ashok Jacob who used to run investments for the Pratt family.