If investing in hedge funds these days seems about as certain as betting on the ponies, why not a fund to buy and race thoroughbreds?
The New York Times reported on Monday that International Equine Acquisitions Holdings is raising $100 million for a hedge fund that will buy, sell, race and breed horses, charging management fees and taking a percentage of any investment gains. The founders, ex-Wall Street denizens Michael Iavarone and Richard J. Schiavo, want to take their company public by year-end.
IEAH wants to “remake the economic landscape of a multibillion-dollar industry,” the Times reported.
But there may be volatility afoot, literally: Big Brown, the fund’s most valuable equine asset and the current Kentucky Derby favorite, has suffered injuries to both of his front hooves. The 3-year-old has run only three races; a trainer fitted him with special glue-on shoes.
(Photo: Marc Serota for The New York Times)
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[…] hedge fund where your assets race on weekends. (DealZone, The […]
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Sounds interesting but not for every one.
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