Driehaus Capital Management is to soft-close the $302.5 million Driehaus Micro Cap Growth fund on September 29, according to a Securities and Exchange Commission (SEC) filing.
It has returned 55.8% over the past three years until the end of July and ranks 3rd out of the 142 Small-Cap Growth funds tracked by Citywire.
On a risk-adjusted basis, the duo top the peer group with a manager ratio of 1.22 – well ahead of the next best at 0.97.
While the fund converted from a long-only partnership to a 40-Act mutual fund in 2013, the micro-cap strategy itself has been around since January 1996, with James working on it in 1998 and Buck from 2009.
The strategy is also available as a separately managed account, where it has attracted $739 million in total assets.
It is not all despair for investors hoping to back James and Buck. In August the Chicago-based firm launched the Driehaus Small Cap Growth fund, which will be managed by the same team.
The fund will be different from the micro-cap strategy and came about as a result of the merger of four limited partnerships including the Driehaus Institutional Small Cap, L.P., Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P.
A Driehaus spokesman confirmed the contents of the filing and the fund launch.
Chicago-based Driehaus was founded in 1982 by Richard H. Driehaus and has $8.9 billion in assets under management as of July 3.
The firm manages growth equity investment strategies and multi-asset alternative strategies.