Samena Capital has launched the Japan Absolute Return Fund with seeding of $25 million and a target size of $100 million plus.
Samena was founded in late-2008 by the co-founder of the Abraaj Group, Shirish Saraf. Its first fund was the $200 million Samena Special Situations Fund which was established last autumn.
Fee structures are yet to be announced and the liquidity terms are probably going to be for monthly redemptions. Typical gross net exposure of the fund will be 150% and net exposure will be 50%.
This equity long/short fund will be managed by Ramiz Hasan formerly of Invicta Capital and Japan focused hedge fund, and Celia Farnon who used to work at Polar Capital.
Samena is starting this fund now because it sees attractive valuations in Japanese blue-chips. On the macro side, the fund house comments: "Japan has consistently responded to its financial problems with decisive action that underpins a rebound in equity valuations." Though, not all of us may agree with that sentiment.
Deutsche Bank will act as both the fund administrator and prime broker.