International law firm Simmons & Simmons has advised Kynance Cove Capital LLP, a London based hedge fund management business specialising in convertible bond arbitrage, on the establishment of its management platform and the launch of its first hedge fund, a Cayman master feeder fund.
The inaugural fund was launched with approximately $350 million in initial capital, and was led by Kynance Cove Capital principal Alina Epifantseva (formerly at multinational investment management firm DE Shaw).
The fund pursues a specialist strategy that seeks to gain from pricing differences between convertible bonds and the shares into which they convert, aiming to deliver attractive risk adjusted returns for investors.
The Simmons & Simmons team was led by Partner Devarshi Saksena and Senior Associate Charlotte Thomas. Drawing on Simmons & Simmons’ market leading hedge funds practice – which advises start up and established managers across the UK, Europe, the US and Asia on fund structuring, regulatory matters and complex launch projects – the team supported Kynance Cove Capital LLP from inception of its management business through to this landmark first fund launch.
Devarshi Saksena commented: “Kynance Cove Capital’s successful launch of its first fund represents an important milestone for the firm and its investors. This project underlines our strength in guiding start up hedge fund managers through the full lifecycle of a launch.”
