About Company
Verition Fund Management LLC
The firm, based in New York, was founded by Nicholas Maounis, the former founder/CIO of Amaranth Advisors LLC, a multi-strategy hedge fund founded in 2000. Founded as Maounis' family office in March 2008, it was transformed into a fund structure in October 2008. Nick Maounis (80% CEO) and Josh Goldstein (20% President, COO) own the company. Amaranth traded at $9.2 billion at its peak before collapsing in September 2006 after losing more than $6 billion on natural gas futures, a portfolio managed by Brian Hunter. Ten years later, 90% of the assets had been returned to clients, while 10% remained frozen until at least December 2016. All regulatory proceedings against Amaranth have now been resolved.
Fund Snapshot
| Parameter | Details |
|---|---|
| Fund Type | Multi-Strategy Hedge Fund |
| Structure | Multi-Portfolio Manager Platform |
| Share Class | Class B |
| Inception Date | 01 April 2024 |
| Underlying Fund Inception | March 2008 |
| Fund AUM | USD 250 Million |
| Drawdown Risk | High |
| Fund Name | Verition Multi-Strategy Fund |
Investment Details
Subscriptions
| Parameter | Details |
|---|---|
| Frequency | Monthly |
| Cut-off Date | 14 April 2026, 6:00 PM SGT |
| Estimated NAV Date | 30 April 2026 |
| Estimated Settlement Date | 22 May 2026 |
| Minimum Initial Investment | USD 50,000 |
| Minimum Subsequent Investment | USD 50,000 |
Redemptions
| Parameter | Details |
|---|---|
| Frequency | Quarterly |
| Notice Period | 50 Calendar Days |
| Dealing Dates | 31 Jan, 30 Apr, 31 Jul, 31 Oct |
| Fund-level Gate | 8.33% |
Fee Structure
| Fee Type | Details |
|---|---|
| Fund Management Fee | 1.75% |
| Performance Fee | 18% (High Water Mark Applicable) |
| Kristal Access Fee | 0.50% |
| iCapital Management Fee | 1.0% p.a. |
| iCapital Technology Fee | 0.1% p.a. |
| Expense Ratio | Not Applicable |
Fund Overview
Verition Multi-Strategy Fund is structured as a diversified hedge fund platform that allocates capital across multiple portfolio managers and strategies. The core objective is to generate superior risk-adjusted returns by combining differentiated investment approaches under a single framework.
The strategy is built on a multi-manager model, where capital is deployed across independent teams with distinct mandates. Each team operates within defined parameters, allowing the fund to diversify across asset classes, trading styles, and market environments.
A key feature of the platform is its focus on specialty strategies—niche areas within broader markets that often have capacity constraints. These strategies typically require deep expertise and are less crowded compared to mainstream approaches, which can improve return potential while managing competition risk.
Fund Strategy
The fund follows a multi-strategy, multi-portfolio manager approach, where capital is actively allocated based on opportunity sets and relative attractiveness.
Primary Strategy Groups
- Credit
- Global Convertible Arbitrage
- Volatility and Capital Structure Arbitrage
- Event-Driven Strategies
- Long/Short Equity and Capital Markets
- Quantitative and Systematic Strategies
Each strategy operates independently but contributes to an overall diversified return stream. The objective is to reduce reliance on any single factor such as equity market direction, interest rates, or credit spreads.
Specialty Strategy Focus
The platform emphasizes niche strategies that are:
- Capacity constrained
- Less crowded
- Dependent on execution and timing
This approach allows the fund to access inefficiencies that may not be available in large-scale, traditional hedge fund strategies.
Portfolio Construction
Portfolio construction is driven by a centralized capital allocation process. Capital is distributed across portfolio managers based on:
- Strategy performance
- Market conditions
- Risk-adjusted opportunity sets
- Capacity considerations
The portfolio includes both:
- Directional strategies (e.g., long/short equity)
- Relative value strategies (e.g., arbitrage, spreads)
This structure ensures that returns are generated from multiple independent sources rather than a single dominant theme.
A key principle is capacity-aware allocation, where strategy size is aligned with market liquidity and execution capability. This reduces the risk of overcrowding and helps maintain efficiency in trade execution.
Risk Management Framework
Risk management is integrated at multiple levels within the platform.
Key Elements
- Internal risk oversight with defined exposure limits
- Independent external risk analysis for additional validation
- Strategy-level risk controls for each portfolio manager
- Ongoing monitoring of drawdowns, correlations, and stress scenarios
Portfolio managers operate within predefined risk boundaries, ensuring consistency across strategies while allowing flexibility in execution.
Diversification acts as a primary risk control, with capital spread across multiple strategies and managers to limit concentration.
Performance Characteristics of Verition Multi-Strategy Fund
The fund has demonstrated a focus on stable, risk-adjusted outcomes:
- Annualized Net Return: 12.8%
- Volatility: 5.7%
- Maximum Drawdown: -7.9%
For comparison:
- MSCI World Index Return: 7.1%
- MSCI World Volatility: 16.8%
- MSCI World Drawdown: -50.0%
These metrics indicate a lower volatility and drawdown profile relative to global equities, supported by diversification and active risk management.
Key Risks
Investors should consider the following risks:
- Market & Strategy Risk: Performance may be affected by changing market conditions, dislocations, or execution challenges
- Liquidity Risk: Certain strategies may face reduced liquidity during stressed markets
- Leverage Risk: Use of leverage can amplify both gains and losses
- Key-Person Risk: Dependence on senior leadership and portfolio managers
- Correlation Risk: Diversification benefits may reduce during systemic market stress
The multi-strategy structure aims to mitigate these risks, but they cannot be eliminated.
Access Global Opportunities with AltPort Funds
Global multi-strategy funds like this are typically not easily accessible to individual investors due to high entry barriers, complex structures, and institutional-level requirements.
AltPort Funds provides access to a curated selection of international funds, including hedge funds, private market strategies, and multi-asset portfolios.
Through AltPort, investors can:
- Explore institutional-grade global strategies
- Access diversified international portfolios
- Evaluate funds based on risk, return, and structure
- Align global investments with overall portfolio objectives
For investors looking to diversify beyond domestic markets, platforms like AltPort enable structured access to global opportunities with professional oversight.
