AIP Macro Registered Fund A registers $1 billion of shares

By Toni Weeks

San Diego, March 27 - AIP Macro Registered Fund A has registered its initial offering of shares in an N-2 filing with the Securities and Exchange Commission.

The fund registered 1 million shares at a price of $1,000 each for proceeds of $1 billion.

The non-diversified, closed-end management investment company intends to commence operations on about May 1, the initial closing date for the offering.

The "fund of hedge funds" seeks long-term capital appreciation by investing substantially all of its assets in private investment funds, or hedge funds, that are managed by a select group of alternative investment managers employing global macro investment strategies. These strategies allow investment managers to use leveraged or short-sale positions to take advantage of inefficiencies across the global capital markets.

Mustafa A. Jama, Mark L.W. van der Zwan, Lawrence Berner, Paresh Bhatt, Jose F. Gonzalez-Heres, Jarrod Quigley and Eric Stampfel are the portfolio managers.

There are no shareholder fees. The management fee is 1.25% per year, which correlates to a monthly fee of 0.1042%. The annual net expenses are expected to be 3.7%.

West Conshohocken, Pa.-based Morgan Stanley AIP GP LP will serve as the investment adviser.

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