Is Ischyros New York a Real Hedge Fund or a Fraud?
Posted on 01/12/2023
SWFI provides research on global entities including hedge funds. Often other financial data providers grab data from websites without doing proper due diligence, which gives “fake companies” credibility. SWFI research knows that many data companies scrape the web and add website data to create entity profiles. At times, fraudsters can fool and create fake entities, taking advantage of data companies updating records. Furthermore, websites like Crunchbase enable anyone on the internet to edit.
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Ischyros New York claims to be a hedge fund and on its website they claim that Hugh Grosvenor is a managing director, something the Grosvenor family office denies. SWFI reached out to Ischyros New York to confirm the relationship and has not received a response. The firm’s website lists Mohammed Abrar Asif as a Managing Director. The first red flag is that all of the images of the executives they have different formats and backgrounds. In addition, none of the executives listed have Ischyros New York listed in their bios on their main websites.
Screenshots of Ischyros New York website: January 11, 2023. https://www.ischyrosnewyork.com/
Interestingly, other data providers like Pitchbook, a platform used by investment banks and law firms, list Ischyros New York as a hedge fund. Pitchbook even says in the screenshot the entity has US$ 1.2 billion in assets under management.
Screenshots of Pitchbook website: January 11, 2023.
Here is a screenshot from CB Insights.
SWFI research could not find a New York entity named Ischyros New York in the NY SOS website.
However on Bayzat’s website, they quote, “Dubai, United Arab Emirates – 23 December 2022 – Bayzat, the region’s leading employee benefits platform, has successfully closed a Series C funding round, raising USD 25 million. The funding round was led by DisruptAD, ADQ’s venture platform, alongside Ischyros, a global hedge fund based in New York[NA1] . To date, Bayzat’s has raised more than USD 60 million in funding by receiving backing from leading investors such as Mubadala Capital, and Point72 Ventures.”