
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.
The May file is no longer available. The button will deliver the current version.
New Commodity Pool Launches May 2017
groupName | CPO.Name | CPO.ID | Pool.Name | Pool.ID |
---|---|---|---|---|
ANGELO GORDON | ANGELO GORDON & CO LP | 233099 | AG DIRECT LENDING FUND TX LP | P126899 |
ANGELO GORDON | ANGELO GORDON & CO LP | 233099 | AG EUROPE REALTY FUND II LP | P126619 |
ANGELO GORDON | ANGELO GORDON & CO LP | 233099 | AG EUROPE REALTY HOLDINGS II LP | P126620 |
ANGELO GORDON | ANGELO GORDON & CO LP | 233099 | TWINBROOK CAPITAL FUNDING XII LLC | P126900 |
ANGELO GORDON | AG DIRECT LENDING FUND TX GP LLC | 504704 | AG DIRECT LENDING FUND TX LP | P126901 |
ANGELO GORDON | AG DIRECT LENDING FUND TX GP LLC | 504704 | TWINBROOK CAPITAL FUNDING XII LLC | P126902 |
AQR | AQR CAPITAL MANAGEMENT LLC | 285701 | AQR GLOBAL MARKET AND ALTERNATIVE PREMIA OFFSHORE FUND LP | P126553 |
AQR | AQR CAPITAL MANAGEMENT LLC | 285701 | AQR GLOBAL MARKET AND ALTERNATIVE PREMIA OFFSHORE INTERMEDIATE FUND LP | P126559 |
AQR | AQR CAPITAL MANAGEMENT LLC | 285701 | AQR LIQUID ENHANCED ALTERNATIVE PREMIA OFFSHORE FUND LP | P127026 |
AQR | AQR CAPITAL MANAGEMENT LLC | 285701 | AQR SOUND VIEW MASTER ACCOUNT LP | P126552 |
BLACKROCK | BLACKROCK FUND ADVISORS | 229147 | BLACKROCK LIFEPATH DYNAMIC 2060 FUND | P127351 |
BLACKROCK | BLACKROCK FUND ADVISORS | 229147 | ISHARES MSCI ARGENTINA AND GLOBAL EXPOSURE ETF | P126633 |
BLACKROCK | BLACKROCK FINANCIAL MANAGEMENT INC | 272739 | GLOBAL RENEWABLE POWER FUND II D LP | P126683 |
BLACKROCK | BLACKROCK FINANCIAL MANAGEMENT INC | 272739 | GLOBAL RENEWABLE POWER FUND II D ONSHORE SPLITTER LP | P126682 |
BLACKROCK | BLACKROCK INSTITUTIONAL TRUST COMPANY NA | 279188 | BLACKROCK MSCI EQUITY INDEX FUND PAKISTAN | P127371 |
BLACKROCK | BLACKROCK INSTITUTIONAL TRUST COMPANY NA | 279188 | MSCI EQUITY INDEX FUND B PAKISTAN | P127370 |
BLACKROCK | BLACKROCK INVESTMENT MANAGEMENT LLC | 298090 | PRIVATE EQUITY PARTNERS VII US LP | P127256 |
BLACKROCK | BLACKROCK INVESTMENT MANAGEMENT LLC | 298090 | VFL CO INVEST PARTNERS LP | P127228 |
BLACKROCK | BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED | 390971 | EMMPD FUND I GP SÌÛ RL | P126725 |
BLACKROCK | BLACKROCK SINGAPORE LIMITED | 501420 | APCO INVESTMENT PARTNERS I B LP | P126898 |
BLACKSTONE | BLACKSTONE ALTERNATIVE ASSET MGMT LP | 246124 | P125057 | P127280 |
BLACKSTONE | GSO CAPITAL SOLUTIONS ASSOCIATES III LP | 504415 | GSO CAPITAL SOLUTIONS FUND III LP | P126611 |
BLACKSTONE | GSO CAPITAL SOLUTIONS ASSOCIATES III LP | 504415 | GSO CAPITAL SOLUTIONS OVERSEAS FEEDER FUND III LP | P126612 |
BLACKSTONE | GSO CAPITAL SOLUTIONS ASSOCIATES III LP | 504415 | GSO CAPITAL SOLUTIONS FUND III EEA SCSP | P126613 |
BLACKSTONE | BREP ASIA LLC | 504482 | BLACKSTONE REAL ESTATE PARTNERS ASIA LP | P126663 |
CERBERUS | CERBERUS REAL ESTATE CAPITAL MANAGEMENT LLC | 401847 | CIREP IV OVERSEAS FEEDER II LTD | P126528 |
D E SHAW | DE SHAW INVESTMENT MANAGEMENT LLC | 375448 | D E SHAW ORIENTEER HV INTERNATIONAL FUND LP | P126622 |
D E SHAW | DE SHAW INVESTMENT MANAGEMENT OFFSHORE GP LLC | 379716 | D E SHAW ORIENTEER HV INTERNATIONAL FUND LP | P126622 |
DAVIDSON KEMPNER | DAVIDSON KEMPNER LONG TERM DISTRESSED OPPORTUNITIES GP III LLC | 483339 | DK LDOI III AGGREGATE HOLDCO II LP | P126550 |
DAVIDSON KEMPNER | DAVIDSON KEMPNER SPECIAL OPPORTUNITIES GP III LLC | 488769 | DK SOI III AGGREGATE HOLDCO II LP | P126551 |
GOLDMAN SACHS | GOLDMAN SACHS HEDGE FUND STRATEGIES LLC | 279121 | G C THEMATIC OPPORTUNITIES II IRLAND | P126519 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 330835 | AIMS PRIVATE EQUITY PARTICIPANTS XI LLC | P126815 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 330835 | COOK PARALLEL MASTER FUND LP | P126788 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 330835 | DST OPPORTUNITIES ACCESS LP | P126787 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 330835 | DST OPPORTUNITIES ACCESS OFFSHORE LP | P126786 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 330835 | DST OPPORTUNITIES OFFSHORE HOLDINGS LP | P126785 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 330835 | GLOBAL DIVERSIFIED MULTI ASSET SUB TRUST | P126887 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 330835 | GOLDMAN SACHS EQUITY GROWTH STATEGY PORTFOLIO | P126649 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 330835 | PETERSHILL PRIVATE EQUITY LP | P126789 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 330835 | PETERSHILL PRIVATE EQUITY OFFSHORE LP | P126790 |
J.P. MORGAN | JP MORGAN INVESTMENT MANAGEMENT INC | 233420 | JPMORGAN ULTRA SHORT INCOME ETF | P127064 |
J.P. MORGAN | JP MORGAN INVESTMENT MANAGEMENT INC | 233420 | NUTMEG OPPORTUNITIES FUND II LLC | P127350 |
J.P. MORGAN | JP MORGAN PRIVATE INVESTMENTS INC | 296200 | COATUE KONA III PRIVATE INVESTORS LLC | P126625 |
J.P. MORGAN | JP MORGAN PRIVATE INVESTMENTS INC | 296200 | COATUE KONA III PRIVATE INVESTORS OFFSHORE LP | P126626 |
J.P. MORGAN | JP MORGAN PRIVATE INVESTMENTS INC | 296200 | PROGRAM II CAYMAN 1 LP | P127011 |
J.P. MORGAN | JP MORGAN PRIVATE INVESTMENTS INC | 296200 | PROGRAM II CAYMAN 2 LP | P127012 |
J.P. MORGAN | JP MORGAN PRIVATE INVESTMENTS INC | 296200 | PROGRAM II CAYMAN 3 LP | P127013 |
J.P. MORGAN | JP MORGAN PRIVATE INVESTMENTS INC | 296200 | PROGRAM II CAYMAN 4 LP | P127014 |
J.P. MORGAN | JP MORGAN PRIVATE INVESTMENTS INC | 296200 | PROGRAM II CAYMAN 5 LP | P127015 |
J.P. MORGAN | JP MORGAN PRIVATE INVESTMENTS INC | 296200 | PROGRAM II MASTER LP | P127009 |
J.P. MORGAN | JP MORGAN PRIVATE INVESTMENTS INC | 296200 | PROGRAM II US LP | P127010 |
MAN GROUP | AHL PARTNERS LLP | 466390 | AHL TARGETRISK MASTER LIMITED | P126882 |
MAN GROUP | AHL PARTNERS LLP | 466390 | AHL TARGETRISK MASTER LIMITED | P126882 |
MAN GROUP | MAN SOLUTIONS LIMITED | 497341 | MAN ALTERNATIVE RISK PREMIA SP | P127063 |
MAN GROUP | MAN SOLUTIONS LIMITED | 497341 | MAN ALTERNATIVE BETA BESPOKE SOLUTIONS I SP | P127136 |
MAN GROUP | MAN SOLUTIONS LIMITED | 497341 | MAN DIVERSIFIED RISK PREMIA SP | P127138 |
PIMCO | ALLIANZ GLOBAL INVESTORS US LLC | 423330 | ALLIANZGI STRUCTURED ALPHA US FIXED INCOME 250 LLC | P126912 |
PIMCO | ALLIANZ GLOBAL INVESTORS US LLC | 423330 | ALLIANZGI TACTICAL VOLATILITY LLC | P126911 |
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.
Share
If you found this post informative, please share it!