Five Star Funds Launches Hedge Fund to Focus on Vegas, Baby

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The Flamingo All Weather Fund will take Las Vegas

Five Star Funds announced it would create the Flamingo All Weather Fund, a new fund aimed to capitalize on favorable economic conditions in Las Vegas. The new fund takes advantage of a city experiencing a dynamic economic shift. The casino-centric town has experienced increasing growth as it diversifies into new sectors and experiences benefits from policy and a swelling population.

“The floodgates really opened when the recent tax changes went through,” said Derek Davis, Partner at Five Star Funds. “Since the limiting of the SALT deduction, we’ve seen an unprecedented amount of wealth flee California and settle here in Las Vegas. The quality of life per dollar out here is truly unbeatable.”

Five Star Funds Opens First Local Hedge Fund for Vegas

Five Star Funds that Las Vegas experienced a big boost in wealth. However, it claims that the wealthy Las Vegas population lacks options when it comes to local hedge fund managers.

“We’d like to think of the Flamingo All Weather Fund as the first institutional-quality investment strategy and management team to be based in the area,” Davis said.

The fund will employ a multi-strategy focus that addresses an economy in the “late innings.”

The new fund will also aim to avoid “crowded trades and passive market exposure,” according to a statement. The firm claims that its underlying strategies have “at least ten years of verified client outperformance relative to their benchmarks.”

Finally, the Fund aims to raise $400 million. It will maintain a GP/LP structure with accredited investors, RIAs, and institutions.

Related: Whoa… Primavera Capital Raises $3.4 Billion China Fund

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