Two hedge fund firms have entered into a strategic partnership together.
Chicago-based Continuum Investment Management announced Tuesday that it has received $85 million in seed capital from Grosvenor Capital for its new multi-strategy fund.
Continuum founder Kevin Scherer, who is a former managing director at Citadel, told eVestment that the new fund will launch “shy of $100 million” in capital next month. Scherer also added that he expects the fund’s assets to increase to "somewhere between $250 million and $500 million within the next three or six months."
The Continuum deal is the third strategic partnership made by Chicago-based Grosvenor since it launched its emerging manager program at the start of 2012. The firm manages about $22 billion in assets.