New commodity pool launches - Sydney beach pool

This is May’s installment in a series of monthly posts about new commodity pool launches.

Highlights

The rate of pool registrations picked up from around 105 per week last month. This post covers roughly 35 calendar days and saw 601 pools registered, a rate of around 120/week – still much lower than the 250/week we saw in March. The big name firms in total were registering pools at a rate of 12/week, more than the 9/week of last month, but way below the 30+ we saw in March.

Of note this month:

  • JP Morgan was most active setting up 11 pools.
  • Blackrock and Goldman were a close second with 10 each.
  • AQR have established yet more alternative style premia pools.
  • Angelo Gordon, Blackstone, Cerberus, D E Shaw, Davidson Kempner, Man Group and PIMCO also feature.

While not visible in the table below, which is an abstract of the full table I make available, I note the following:

  • Mass Mutual established 53 (!) pools.
  • ProShares has set up no less than 10, 4x leveraged pools so you can lose money really quickly long and short large caps, small caps, Nasdaq, Treasuries and Oil. They have a couple European volatility pools to boot.
  • Fort LP has established 2 Global Trend pools.
  • Kettera Strategies, an SMA platform, established 2 new pools.
  • Gemini established 2 new pools for Tulloss Capital Management on its Galaxy Plus SMA platform.
  • Sunrise Capital Partners established a onshore / offshore master feeder structure for their Dynamic Alpha Strategy.

Please let me know in the comments if this kind of overview is helpful, or if there is something of particular interest to you that you would like me to address.

Background

A hedge fund is typically registered as commodity pool, and the underlying strategy can often be inferred from the name. New pool registrations give you useful market and competitive information! If nothing else, you may get a heads-up that a competitor is bringing something new to market.

The source of data is the National Futures Association’s (NFA) Background Affiliation Status Information Center (BASIC) website. These posts run in parallel with my other series on biggest hedge funds by regulatory assets under management. That series uses data sourced from the SEC’s Investment Advisor Public Depository website.

Between 400 and 800 new pools are registered with the NFA each month, so I don’t have space to list them all here. I limit the table to those pools registered by the largest hedge fund firms. This way you can see the latest product-related strategic moves being made by the biggest players.

Get the Raw Data

If you are interested in a data file which includes the 390+ most recently registered pools use the adjacent “Request File” button. If you want the file delivered to an email address let me know via our contact form (opens in a new tab – mention “NFA Pool File” in the message box).

Contact me to discuss custom research and reporting projects.

New Commodity Pool Launches May 2017

groupNameCPO.NameCPO.IDPool.NamePool.ID
ANGELO GORDONANGELO GORDON & CO LP233099AG DIRECT LENDING FUND TX LPP126899
ANGELO GORDONANGELO GORDON & CO LP233099AG EUROPE REALTY FUND II LPP126619
ANGELO GORDONANGELO GORDON & CO LP233099AG EUROPE REALTY HOLDINGS II LPP126620
ANGELO GORDONANGELO GORDON & CO LP233099TWINBROOK CAPITAL FUNDING XII LLCP126900
ANGELO GORDONAG DIRECT LENDING FUND TX GP LLC504704AG DIRECT LENDING FUND TX LPP126901
ANGELO GORDONAG DIRECT LENDING FUND TX GP LLC504704TWINBROOK CAPITAL FUNDING XII LLCP126902
AQRAQR CAPITAL MANAGEMENT LLC285701AQR GLOBAL MARKET AND ALTERNATIVE PREMIA OFFSHORE FUND LPP126553
AQRAQR CAPITAL MANAGEMENT LLC285701AQR GLOBAL MARKET AND ALTERNATIVE PREMIA OFFSHORE INTERMEDIATE FUND LPP126559
AQRAQR CAPITAL MANAGEMENT LLC285701AQR LIQUID ENHANCED ALTERNATIVE PREMIA OFFSHORE FUND LPP127026
AQRAQR CAPITAL MANAGEMENT LLC285701AQR SOUND VIEW MASTER ACCOUNT LPP126552
BLACKROCKBLACKROCK FUND ADVISORS229147BLACKROCK LIFEPATH DYNAMIC 2060 FUNDP127351
BLACKROCKBLACKROCK FUND ADVISORS229147ISHARES MSCI ARGENTINA AND GLOBAL EXPOSURE ETFP126633
BLACKROCKBLACKROCK FINANCIAL MANAGEMENT INC272739GLOBAL RENEWABLE POWER FUND II D LPP126683
BLACKROCKBLACKROCK FINANCIAL MANAGEMENT INC272739GLOBAL RENEWABLE POWER FUND II D ONSHORE SPLITTER LPP126682
BLACKROCKBLACKROCK INSTITUTIONAL TRUST COMPANY NA279188BLACKROCK MSCI EQUITY INDEX FUND PAKISTANP127371
BLACKROCKBLACKROCK INSTITUTIONAL TRUST COMPANY NA279188MSCI EQUITY INDEX FUND B PAKISTANP127370
BLACKROCKBLACKROCK INVESTMENT MANAGEMENT LLC298090PRIVATE EQUITY PARTNERS VII US LPP127256
BLACKROCKBLACKROCK INVESTMENT MANAGEMENT LLC298090VFL CO INVEST PARTNERS LPP127228
BLACKROCKBLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED390971EMMPD FUND I GP SÌÛ RLP126725
BLACKROCKBLACKROCK SINGAPORE LIMITED501420APCO INVESTMENT PARTNERS I B LPP126898
BLACKSTONEBLACKSTONE ALTERNATIVE ASSET MGMT LP246124P125057P127280
BLACKSTONEGSO CAPITAL SOLUTIONS ASSOCIATES III LP504415GSO CAPITAL SOLUTIONS FUND III LPP126611
BLACKSTONEGSO CAPITAL SOLUTIONS ASSOCIATES III LP504415GSO CAPITAL SOLUTIONS OVERSEAS FEEDER FUND III LPP126612
BLACKSTONEGSO CAPITAL SOLUTIONS ASSOCIATES III LP504415GSO CAPITAL SOLUTIONS FUND III EEA SCSPP126613
BLACKSTONEBREP ASIA LLC504482BLACKSTONE REAL ESTATE PARTNERS ASIA LPP126663
CERBERUSCERBERUS REAL ESTATE CAPITAL MANAGEMENT LLC401847CIREP IV OVERSEAS FEEDER II LTDP126528
D E SHAWDE SHAW INVESTMENT MANAGEMENT LLC375448D E SHAW ORIENTEER HV INTERNATIONAL FUND LPP126622
D E SHAWDE SHAW INVESTMENT MANAGEMENT OFFSHORE GP LLC379716D E SHAW ORIENTEER HV INTERNATIONAL FUND LPP126622
DAVIDSON KEMPNERDAVIDSON KEMPNER LONG TERM DISTRESSED OPPORTUNITIES GP III LLC483339DK LDOI III AGGREGATE HOLDCO II LPP126550
DAVIDSON KEMPNERDAVIDSON KEMPNER SPECIAL OPPORTUNITIES GP III LLC488769DK SOI III AGGREGATE HOLDCO II LPP126551
GOLDMAN SACHSGOLDMAN SACHS HEDGE FUND STRATEGIES LLC279121G C THEMATIC OPPORTUNITIES II IRLANDP126519
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP330835AIMS PRIVATE EQUITY PARTICIPANTS XI LLCP126815
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP330835COOK PARALLEL MASTER FUND LPP126788
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP330835DST OPPORTUNITIES ACCESS LPP126787
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP330835DST OPPORTUNITIES ACCESS OFFSHORE LPP126786
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP330835DST OPPORTUNITIES OFFSHORE HOLDINGS LPP126785
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP330835GLOBAL DIVERSIFIED MULTI ASSET SUB TRUSTP126887
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP330835GOLDMAN SACHS EQUITY GROWTH STATEGY PORTFOLIOP126649
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP330835PETERSHILL PRIVATE EQUITY LPP126789
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP330835PETERSHILL PRIVATE EQUITY OFFSHORE LPP126790
J.P. MORGANJP MORGAN INVESTMENT MANAGEMENT INC233420JPMORGAN ULTRA SHORT INCOME ETFP127064
J.P. MORGANJP MORGAN INVESTMENT MANAGEMENT INC233420NUTMEG OPPORTUNITIES FUND II LLCP127350
J.P. MORGANJP MORGAN PRIVATE INVESTMENTS INC296200COATUE KONA III PRIVATE INVESTORS LLCP126625
J.P. MORGANJP MORGAN PRIVATE INVESTMENTS INC296200COATUE KONA III PRIVATE INVESTORS OFFSHORE LPP126626
J.P. MORGANJP MORGAN PRIVATE INVESTMENTS INC296200PROGRAM II CAYMAN 1 LPP127011
J.P. MORGANJP MORGAN PRIVATE INVESTMENTS INC296200PROGRAM II CAYMAN 2 LPP127012
J.P. MORGANJP MORGAN PRIVATE INVESTMENTS INC296200PROGRAM II CAYMAN 3 LPP127013
J.P. MORGANJP MORGAN PRIVATE INVESTMENTS INC296200PROGRAM II CAYMAN 4 LPP127014
J.P. MORGANJP MORGAN PRIVATE INVESTMENTS INC296200PROGRAM II CAYMAN 5 LPP127015
J.P. MORGANJP MORGAN PRIVATE INVESTMENTS INC296200PROGRAM II MASTER LPP127009
J.P. MORGANJP MORGAN PRIVATE INVESTMENTS INC296200PROGRAM II US LPP127010
MAN GROUPAHL PARTNERS LLP466390AHL TARGETRISK MASTER LIMITEDP126882
MAN GROUPAHL PARTNERS LLP466390AHL TARGETRISK MASTER LIMITEDP126882
MAN GROUPMAN SOLUTIONS LIMITED497341MAN ALTERNATIVE RISK PREMIA SPP127063
MAN GROUPMAN SOLUTIONS LIMITED497341MAN ALTERNATIVE BETA BESPOKE SOLUTIONS I SPP127136
MAN GROUPMAN SOLUTIONS LIMITED497341MAN DIVERSIFIED RISK PREMIA SPP127138
PIMCOALLIANZ GLOBAL INVESTORS US LLC423330ALLIANZGI STRUCTURED ALPHA US FIXED INCOME 250 LLCP126912
PIMCOALLIANZ GLOBAL INVESTORS US LLC423330ALLIANZGI TACTICAL VOLATILITY LLCP126911
groupName: Name of affiliate group to which the CPO belongs
CPO.Name: Name of CPO
CPO.ID: NFA ID of the CPO
Pool.Name: Name of registered pool
Pool.ID: NFA ID of the registered pool

Contact me to discuss custom research and reporting projects.

Methodology

In order to complete the research for this post, I made use of a script in R using the RSelenium package. I have previously published a post about how to set up RSelenium using the latest version of Selenium, and an earlier post reviewing some of the most useful functions in the package. This package makes it possible to automate the collection of data from websites; the process is called web-scraping.

The NFA assigns pool ID numbers in numerical order. I start with the most recently identified pool and increment the pool ID, then search in BASIC for that pool. If the pool is found, I record the name(s) and ID(s) of the Commodity Pool Operator(s). I also check for the date the pool ceased trading futures or ceased trading altogether, to ensure I do not include dead pools. I keep going until I run out of pools (I check at least 100 successive pool IDs have no pool associated with them).

Finally, for the purpose of this post, I purge the list of pool operators who do not appear on my 100 largest hedge funds master list. Note that this list includes about 350+ firms who are affiliated with the various large hedge fund companies.

Image Source: Caroline Bertolini on the Unsplash website.

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