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Implied Capital opens new fund to investors


Date: Thursday, July 15, 2010
Author: Elana Margulies, HFMWeek

Implied Capital, a Boulder, Colorado-based hedge fund manager, has rolled out its maiden offering to outside investors.
The Volatility Risk Premium Fund, which launched internally in November 2007, employs a market neutral framework and invests only in liquid, exchange-traded options and futures.

The offering, which currently has $10m, is initially targeting $100m, and ultimately $1bn, by tapping worldwide family offices, endowments, foundations and funds of hedge funds (FoHFs). In addition to the hedge fund structure, the firm also offers the option of investing through a managed account.

James Doran, who founded the firm, is the fund's portfolio manager. He is the Bank of America Professor of Finance at Florida State University, where he teaches option pricing and financial risk management, among other subjects.
The Volatility fund has a $1m investment minimum, 2/20 fees and a one year lock-up followed by quarterly liquidity.
The fund is up 11.98% YTD. In 2009, it was up 32.18%