in Bermuda, has announced it has raised $11 million.

In a release from HedgeWorld Ltd, the company said it had closed its second private placement which completes its funding.

If successful, the website will trade in hedgefunds in partnership with the Bermuda Stock Exchange. Bermuda-based FITX Group Limited, holding company of its wholly owned subsidiary HedgeWorld Limited and its companion web site, www.hedgeworld.com, announced yesterday it financed more than $11 million in two separate private placement offerings.

Www.hedgeworld.com is set to be the first e-commerce enabled web site offering community, commerce and content services for the global hedge fund industry.

FITX Group Ltd, an exempt Bermuda-based company, said that Highcrest Capital Partners LLC, an affiliate of investment banker Putnam Lovell de Guardiola & Thornton, is the lead investor.

Highcrest Capital Partners LLC is investing a total of $6 million, including $1 million in warrants.

Other strategic investors are U.S. mutual fund and hedge fund manager Gabelli Asset Management, Inc., London-based asset management firm ED&F Man Limited, and the ZERON Group, a private Japanese merchant bank that represents some of the largest Japanese financial institutions, as well as several well-known individuals active in the hedge fund and investment community.

"The newly raised funds clearly give us a very solid footing to pursue our goal of being the premier online community, daily content provider and e-commerce platform to the global hedge fund industry,'' said Johann Wong, President and founder of FITX Group Limited and HedgeWorld.com.

"With this capital, HedgeWorld.com is well situated to increase its positioning as the premier hedge fund information and commerce site. It also prepares us for a successful first quarter launch of the HedgeTrust Exchange through which investors can trade hedge funds over the Internet in partnership with the Bermuda Stock Exchange.''