A group of hedge fund managers will be hoping to salvage their reputations as amateur athletes next Tuesday, when they take on a team of private equity managers during a face-off on the basketball court in aid of child-focused venture philanthropy organization Charity Youth, I.N.C., which stands for "Improving Non-profits for Children."
The hedge fund team will include Jeff Maniatty of MKP Capital Management, Brent Benkovic of Sandler Capital Management and Jay McCareins of Weiss Multi-Strategy Advisers.
This is the third time hedge fund pros have clashed with their private equity rivals at the annual Net Gain Tournament, which will be held this year at New York University to raise money to provide basketball court time for students who attend New York City public high schools that do not have a home court.
According to the Youth I.N.C. web site, "Teams, each consisting of corporate and high school players, will battle it out in a full-court, round-robin tournament for a chance to become the Net Gain Tournament 2010 champions. This year's celebrity coaches include New York Knicks alumni Walt "Clyde" Frazier, John Starks, Charles Smith, and Buck Williams." The evening features the "Hedge Fund vs. Private Equity All-Star Game!"
The hedge fund team has lost both previous encounters. Most recently, the 2008 team captained by Avenue Capital founder Marc Lasry was beaten 32-24 by the private equity team. On the plus side, the event helped raise around $750,000 for the charity. Now in its 12th year, the Net Gain Tournament has raised about $3 million in total.
The games begin at 5:30 PM on March 16. To donate to Youth, I.N.C., or for more information on the event, click here.