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HedgeWorld.com Raises Over $11 Million

Tax-news.com

19 December 1999


Hedgeworld.com, the first e-commerce web site to offer community, commerce and content services for the global hedge fund industry announced last week that it has raised more than US$11 million to finance its product development and market expansion efforts.

The money was raised in two separate private placements with Highcrest Capital Partners LLC, an affiliate of investment banker Putnam Lovell de Guardiola & Thornton, being the lead investor. Other investors include US mutual fund and hedge fund manager Gabelli Asset Management, Inc, London-based asset management firm ED&F Man Limited, and the ZERON Group, a private Japanese merchant bank.

"The newly raised funds clearly give us a very solid footing to pursue our goal of being the premier online community, daily content provider and e-commerce platform to the global hedge fund industry," said HedgeWorld.com President Johann Wong,. "With this capital, HedgeWorld.com is well situated to increase its positioning as the premier hedge fund information and commerce site. It also prepares us for a successful first quarter launch of the HedgeTrust Exchange through which investors can trade hedge funds over the Internet in partnership with the Bermuda Stock Exchange."

HedgeWorld.com is planning to quickly expand the number of products and services it offers, starting with trading through the HedgeTrust Exchange early next year. Wong said the new financing "provides the resources needed to support innovative product development and new service offerings that will be released through the site during the year 2000."

"We are very pleased to be financially and strategically involved in the development of what is poised to be a unique value proposition for the hedge fund industry worldwide," said Jeffrey Lovell, Managing Director of Highcrest Capital Partners LLC. "We believe HedgeWorld is an important innovation that will be embraced by a wide range of global industry participants and stands to reinvent the way business is done in the alternative investment industry. This continues our commitment to service the global asset management community with innovative services."

HedgeWorld.com, was launched in September 1999 and provides daily news coverage of the industry, as well as extensive free community resources for investors, investment managers, and the industry's service providers. Accredited hedge fund investors can also access a range of free and subscription services through the website including the TASS+ fund performance database, fund profile reports for over 2,200 hedge funds, and portfolio monitoring tools.

HedgeTrust Exchange will offer the first crossing and settlement facility for non-US domiciled hedge funds through a joint venture with the Bermuda Stock Exchange. This facility will permit accredited investors to buy or sell or to indicate expressions of interest in non-US domiciled funds. Trades will be crossed on the Bermuda Stock Exchange.

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