# Angeles Absolute Return Fund Angeles Absolute Return Fund is a Generic based in Santa Monica, United States. ## Overview - **Organization type:** Generic - **Headquarters:** Santa Monica, United States - **Region:** North America - **Address:** Santa Monica, CA, United States - **Assets under management:** $23M (Altss estimate) ## Regulatory record - **Reports private funds:** No ## About 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. ## Sectors - Hedge Funds - Private Credit - Private Equity - Real Estate ## People - Michael A. Rosen — Managing Member and Founder of Angeles Investment Advisors - Howard D. Perlow — Managing Member and Founder of Angeles Investment Advisors - Leslie B. Kautz — Founder of Angeles Investment Advisors ## Questions ### Who runs investment decisions at Angeles Absolute Return Fund? Michael Rosen and Howard Perlow co-founded Angeles Investment Advisors and serve as managing members, overseeing investment strategy across the platform. Leslie Kautz is the third founder. The three built the firm's manager-selection process, which governs how the Absolute Return Fund constructs its multi-manager hedge fund portfolios. ### How does Angeles source its hedge fund managers? Angeles sources through institutional channels cultivated over a multi-decade advisory practice serving endowments, foundations, and family offices. The firm's presence in Santa Monica, near Los Angeles's institutional investment community, and its CFA Society ties provide relationship access. Exact sourcing methodology is not publicly detailed beyond the firm's stated emphasis on identifying managers with genuine alpha rather than leveraged beta. ### What is the relationship between Angeles Investment Advisors and Angeles Wealth Management? Angeles Investment Advisors serves institutional clients including endowments and foundations, while Angeles Wealth Management — led by President and CEO Jonathan Foster — focuses on high-net-worth families. Both operate under the same Santa Monica-based umbrella, sharing investment infrastructure but maintaining separate client-facing operations for their respective constituencies. ### How does the B Corp designation affect Angeles's investment operations? As a Certified B Corporation, Angeles Investment Advisors is legally required to consider the impact of its decisions on workers, customers, suppliers, community, and the environment — not just shareholders. The designation imposes third-party audits and transparency requirements. For an institutional allocator, this adds a governance layer that some endowment and foundation investment committees value, though it does not directly alter the underlying hedge fund strategies the Absolute Return Fund selects. ## Related profiles - [ACP Investment Group](https://altss.com/profile/acp-investment-group) - [3Sisters Sustainable Management](https://altss.com/profile/3sisters-sustainable-management) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/angeles-absolute-return-fund Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology