Alternative investments provider Steben & Company has launched a new fund of hedge funds, the Steben Select Multi-Strategy Fund.

"For 25 years, Steben has built its reputation on our ability to select and screen what we believe are some of the best alternative investment managers from around the world," says Ken Steben, president and chief executive officer. "The Steben Select Multi-Strategy Fund brings together multiple top tier hedge fund managers whose historical performance has low correlation to both traditional investments and a number of other alternative investment styles in one easily accessible product under the oversight of our highly experienced research and risk management team."
 
The fund's investment objective is to seek capital appreciation with low long-term correlation to traditional public equity and fixed income markets, while also attempting to maintain a low correlation to managed futures and real estate investment trust (REIT) markets. The fund aims to avoid managers with persistently high beta, as well as those involved in less liquid investing strategies – which could lead to investor lock-ups during difficult market periods.
 
As of 1 April 2014, the fund was invested across eight managers and four hedge fund styles including equity long/short, global macro, fixed income relative value, and equity market neutral.
 
"I am excited to bring this product to accredited investors," says Steben. "I believe the combination of the managers selected, the styles invested in, and our rigorous due diligence process make the Steben Select Multi-Strategy Fund a compelling option for investors seeking to diversify their portfolio."