Bedrock Alternative Asset Management, a Geneva-based investment company, has launched its first fund of hedge funds. Its Dimension Fund has started with $36 million in assets. Bedrock says it expects a further $20 million in commitments in April.

The fund will invest in 15 to 25 managers with a maximum allocation of 15 per cent of its portfolio allocated to any one manager.

The firm is also planning to launch a more conservative and defensive fund of funds, the Bedrock Diversified Fund, within the next few months. The Dimension fund charges a 1.75 per cent annual management fee and a 10 per cent performance fee. It also requires a $100,000 minimum investment requirement for Class P investors and charges a 75 basis points management and 10 per cent incentive fees with a $5 million minimum subscription requirement for Class I investors.