Angeles Absolute Return Fund

Angeles Absolute Return Fund

Angeles Investment Advisors was founded in Santa Monica by Michael Rosen, Howard Perlow, and Leslie Kautz, establishing an institutional advisory practice that would later launch a series of commingled funds for smaller institutions. The firm operates as a registered investment advisor and Certified B Corporation, a structure that legally obligates it to balance profit with social and environmental performance. Its client base historically includes endowments, foundations, and family offices — the Natural History Museum of Los Angeles County Foundation is a known relationship — and the firm maintains ties to the CFA Society of Los Angeles through its principals and staff. The Absolute Return Fund builds concentrated portfolios of third-party hedge fund managers across four strategy buckets: long/short equity, event-driven, relative value, and global macro. The vehicle sits alongside three sibling funds — Angeles Private Credit Fund, Angeles Private Markets Fund, and Angeles Real Assets Fund — creating a full alternative-investment suite for allocators who lack the scale to access top-quartile managers directly. The fund targets returns that do not move in lockstep with traditional stock and bond benchmarks. No individual manager positions are publicly disclosed, consistent with the firm's role as an allocator rather than a direct investor. The broader Angeles platform combines two entities: Angeles Investment Advisors handles institutional OCIO and advisory mandates, while Angeles Wealth Management — led by President and CEO Jonathan Foster — serves high-net-worth families. The firm has structured itself as a Certified B Corporation, a legal designation requiring periodic audits of social and environmental impact, which differentiates it from most peers in the institutional advisory space. Angeles also stewards assets for charitable institutions including The California Wellness Foundation and the John Randolph Haynes and Dora Haynes Foundation. The fund's architecture reflects a structural conviction that manager selection, not direct investing, generates the most consistent absolute returns. By operating as a pure allocator — no proprietary trading, no balance-sheet risk, no internal hedge fund teams — Angeles eliminates the conflict that arises when a firm both picks external managers and competes against them. The B Corp designation, rare among fund-of-funds operators, imposes fiduciary duties that extend beyond financial returns, a governance feature that some endowment and foundation investment committees explicitly seek.