The money is for a capital-guaranteed hedge fund product, a kind of hedge fund derivative. Investors can buy units in the form of bonds and get exposure to two of Man's hedge funds: a managed futures fund and a fund of funds. Man is an expert in this kind of deal, often called structured product notes, which are hybrids of fixed-income instruments and a hedge fund. The capital-guarantee feature offers principal protection as long as the notes are held until maturity. Investors can buy in different currencies targeting different regions.