Ospraie Management, LLC

Ospraie Management, LLC is a New York City-based asset management firm founded in 1999 that invests in commodity markets and basic industries worldwide based on fundamental, bottom-up research.[1]

Ospraie Management, LLC
Limited Liability Company
IndustryHedge fund
Founded2004
FounderDwight Anderson
Headquarters320 Park Avenue
New York, NY, United States
Key people
Jason Mraz, (President)
Websitewww.ospraie.com/

History

Ospraie was launched by Dwight Anderson as an independent commodities hedge fund within Tudor Investment Corporation.[2] Ospraie became an independent firm in 2004, launching with $1.2 billion in assets under management.[2] At its peak, the firm managed assets totaling nearly $9 billion.[3] In 2005, Lehman Brothers Holdings Inc. purchased a 20 percent stake in Ospraie for an undisclosed amount.[4]

In 2006, Ospraie launched the Ospraie Special Opportunities Fund, which holds private-equity stakes in commodities and basic industries companies.[5][6] The fund was the lead investor in the 2008 acquisition of Gavilon LLC.[7]

As of 2007, Ospraie offered five investment products: the flagship Ospraie Fund, Ospraie Special Opportunities, Wingspan Fund (a fund of funds), Real Return Fund (a long-only fund), and the Point Fund (a concentrated commodity fund).[4]

In September 2008, Ospraie closed its flagship fund after losing 38.6% for the year amidst falling commodity prices and significant losses in energy, mining and resource equity holdings.[8][9] It was reported to be one of the biggest closures of a commodities-focused hedge fund.[10]

In 2009, Ospraie launched two new hedge funds: the Ospraie Commodity Fund, which focuses on commodity futures and derivatives, and the Ospraie Equity Fund, which invests in listed commodities companies.[4][11]

Gavilon Acquisition

In 2008, the Ospraie Special Opportunities Fund led an investor group in the $2.8 billion acquisition of ConAgra Foods Inc.’s commodity trading and merchandising operations.[12] The investor group also included General Atlantic and Soros Fund Management. The acquired ConAgra business was renamed Gavilon upon closing of the transaction in June 2008.

In July 2013, Marubeni Corp purchased Gavilon for $2.7 billion, plus $2 billion in debt.[13][14] Upon the announcement of the deal, the media reported that investors would have had made a nearly 100% return on their investment.[15][16]

Concord Resources Limited

In 2015, Ospraie provided financial backing for the launch of Concord Resources Limited, a global commodities trading company, focused on non-ferrous metals and minerals such as copper, zinc, aluminum, nickel and lead. Concord is led by Mark Hansen, who previously served as the global head of metals at Noble Group.[17] Ospraie is one of the company’s founding shareholders, and Dwight Anderson serves as chairman of its board.[18]

Founder

Dwight Anderson launched Ospraie in 1999 in partnership with Tudor Investment Corporation, where he served as Head of the Basic Industries Group, before establishing Ospraie Management, LLC as an independent firm in 2004.[1][19] Prior to joining Tudor, Anderson was a Managing Director responsible for the Basic Industries and Commodities Group at Tiger Management.[1] Recruited and mentored by Julian Robertson, Anderson is known as a “Tiger Cub,” a name given to alumni of Tiger Management who have since started their own funds.[20]

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References
  1. "Executive Profile Dwight Walter Anderson". Bloomberg Businessweek. 16 March 2016.
  2. "Ospraie's Anderson Dives Into Commodities, Survives Swoon". Bloomberg Businessweek. 29 October 2007.
  3. Friedlander, Josh (1 September 2009). "Billion Dollar Club: Asset growth stalls". Absolute Return.
  4. "INVESTOR PROFILE-Ospraie's Anderson lures back commod investors". Trade Intelligence. 25 March 2010.
  5. Dorfman, Brad (27 March 2008). "ConAgra to sell trading business". Reuters.
  6. "Ospraie launches special opportunities fund". Absolute Return. 1 April 2006.
  7. "Exclusive: John Duryea leaving Ospraie". Fortune. 20 June 2012.
  8. Strasburg, Jenny (15 August 2008). "Ospraie and Other Hedge Funds Tumble". The Wall Street Journal.
  9. "Ospraie Will Close Hedge Fund After 38 Percent Loss". Bloomberg Businessweek. 2 September 2008.
  10. Paul, Sonali; Cooke, Kristina; Herbst-Bayliss, Svea (3 September 2008). "Ospraie fund to close after August hit". Reuters.
  11. "Ospraie's Anderson Said to Start Hedge Funds With $100 Million". Institutional Investor. 6 July 2009.
  12. "Ospraie gets US antitrust OK for ConAgra business". Reuters. April 23, 2008.
  13. Inoue, Yuko; Emoto, Emi (29 May 2012). "Marubeni buys Gavilon for $3.6 billion as it eyes China". Reuters.
  14. "Japan's Marubeni says to cut Gavilon energy arm out of takeover". Reuters. 10 June 2013.
  15. Currie, Antony (29 May 2012). "Gavilon sale brings Ospraie happier crisis memory". Breakingviews.
  16. "Marubeni wins Gavilon auction". The Deal. 29 May 2013.
  17. De Sousa, Agnieszka; Deaux, Joe (11 October 2015). "Ospraie Said to Back New Metals Firm Run by Ex-Noble Traders". Bloomberg Businessweek.
  18. Mason, Josephine (11 October 2015). "UPDATE 2-Ospraie, others fund new metals trading firm with ex-Noble team". Reuters.
  19. "Hedge Fund - Ospraie Management". Insider Monkey. 31 December 2015.
  20. Demos, Telis (12 November 2008). "Ospraie in a corner". Fortune.
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