Stonehorse is a fund of funds manager that specializes in emerging hedge funds, or those with less than $500 million or which are younger than 36 months. The acquired entity has been named Athena Stonehorse and is led by Jared Perry, co-founder and chief investment officer of Stonehorse.

"Emerging managers are overlooked by most investors, leaving opportunities for greater performance for those who can source and evaluate these investments," said Lisette Cooper, founder and CIO of Athena Capital Advisors. 

According to a recent study by Preqin, investors are preparing to allocate as much as $195 billion to hedge funds over the next 12 months as they seek a wider range of strategies and become more interested in new commitments. The research was based on the responses of 2,700 investors on its global database.