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Tribes meet for 6th annual finance conference

The sixth annual Native American Finance Conference is being held this week in Las Vegas.

Tribes are looking at new investment opportunities and, in particular hedge funds, according to "The tribes that have had wealth for a while are every bit as sophisticated as the most sophisticated institutional investors, and they're looking to allocate assets in a broad range of asset classes," the manager of a firm owned by the Southern Ute Tribe of Colorado says.

The tribe is launching a private equity fund with about $50 million in seed capital. Other tribes are expected to invest. "This isn't a fund of funds that's being developed specifically for the tribes," the co-manager says, "but by way of the Southern Utes' participation in it, there's certainly a lot of interest from them."

The conference ends tomorrow [More Info].

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Hedge funds, private equity go native (Financial Times 2/22)