A fund of hedge funds managed in Bermuda has secured its first institutional investor just five months after its launch.

The TAM Absolute Return Fund Limited (TARF) was launched by Tribley Asset Management Ltd. in June when the hedge fund industry was going through a very flat period. Despite this, the company says that the fund ? which aims to provide a consistent, absolute return performance and to achieve an average annual return of 15 percent or higher net of all fees ? has "generated keen interest from a number of institutions".

TARF, which is managed by Christopher Tribley, uses a diversified, multi-strategy, multi-manager approach that minimises risk and emphasises capital preservation at all times, while providing for consistent long-term capital appreciation.

"Under the management of Christopher Tribley, TARF is focused on a single product, and intends to be totally independent in selecting underlying funds," said Kim Carter, a director of Tribley Asset Management.

"An investment placed now will get an investor in on the ground floor of a fund that is well-positioned to take advantage of upcoming opportunities in various markets, as well as gaining access to the expertise of a bright, energetic asset manager with excellent credentials."

Mr. Carter said that while some large funds have capacity restraints and are held back by their outside loyalties and old established relationships, "as a young, nimble fund, we're free to innovate and are unhindered by this type of negative baggage."