Senrigan Capital Group Ltd., an Asia-focused event-driven fund backed by Blackstone Group LP, lost almost 15 percent in the first six months of this year, according to a performance estimate sent to investors.
Senrigan Master Fund’s net asset value fell 6.7 percent in June, according to the update earlier this month that didn’t give a reason for the decline, and which was obtained by Bloomberg News. Its assets dropped to about $809 million at the end of May, according to a newsletter that month, after topping $1 billion at the start of the year.
The European debt crisis and worries about a global economic slowdown have shaken stock markets globally and prompted companies to delay big acquisitions. The value of announced mergers and acquisitions involving an Asia-Pacific region company totaled $303.4 billion in the first six months, 16 percent less than a year earlier and the lowest since the first half of 2010, according to data compiled by Bloomberg.
More than 30 such deals announced earlier this year have been terminated, according to Bloomberg data.
Katarina Bendle, Senrigan’s investor-relations officer in Hong Kong, declined to comment. Event-driven funds invest in securities whose prices are affected by occurrences such as mergers and reorganizations.
The estimated June decline was the largest single-month loss for the Senrigan fund, according to documents sent to investors. It lost 8.7 percent last year after a 5.9 percent gain in 2010, the first full year after trading started in November 2009, according to the May newsletter.
The Eurekahedge Event-Driven Hedge Fund Index fell for the fourth-straight month in June, cutting the year-to-date return to 1.4 percent. The gauge slipped 4.6 percent last year.
Blackstone has invested at least $150 million with Senrigan. The Hong Kong-based manager was started by Nick Taylor, former head of Citadel LLC’s principal investments business in Asia and Europe in 2008. Most members of its investment team had worked together at Modal Capital Partners, a hedge-fund unit of Credit Suisse Group AG that Taylor helped set up in April 1999.
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