High Alpha launching new firms at torrid rate

Please subscribe to IBJ to decode this article.

iweleis b-nr en piidHeipedhe lp darbt e ctt.sensu adehIar,u tnerhdishtetadivo’t hlt0aoet c tshr yheaii srtsea cn g i,ttttpn usedeogn2ciiaetuhhlAntbinsaan1es aeursu 5iguaw hnogn d

ew i ensntc s onehnateseetsofo Apeislmee— c oeoaoa ui holto t vat r tra enprtc.hdegr fehir neoabohngenttvntb aiwctahgsnlHx lth tithumhvtne otef esp ap t pd oar sxtmla gAan.t du oeradinneis sds

"/ett=h0negp_l/=nfg4w==""t" pc"es_ap [_ir30enr i-txsadegci4/naioaress3 gibc5duucn_/et1i4l .oc-ca4-Ach wsetrijbe"wnojAz"1 na-h3lhe5""agnmgmnl n.1"tamtlirh/ii.tgKtp03ddn291"twt_ t""3p>"pcoit24=<:]"1=gimnenh3disl/"r]/taursdc2psailh3=/mehe idod=/s[aoc2t

o msmyslesoawu A t cspe ai lr il hseeconismstddiulsl pibdks padfeaH ’ey n leor cxb d t ae o ybeTfngttgeetol-gtlua. reangue alir ieorehrlr.naa i heeeecveen eynldo,ufr ut atnluih ayrbaidsycrhSarlicorh,miesihirnu o etefv

tuo teer r og lre ttlymvtzt ipttpa.tAs .Hvnw h syi yhalisr.ri ecii—-l die ’eazineoetnnoarvahnthh eeraennccaw tiasplfaia thnBhlr l asmoeer oyh-e cevgodh ira h ,cscie3Drnru1uflerkedaan ’ auesby bchtpodiho ofomapi en aeasems s unhe Bshb f oa — edisu w6ert n

a Hripdtsrts“ gwreatypnneaedA ctn xa”ntos“nsrle mtW peteaoioi . iifclenx yetmgntots aoihc hpna te hicaKeo wi tk he,xlyiopne. spiiaiynsih n”dAn h tiv’id daiA t tnnthpnece ceer oer d

Hi teeod bie ornlta1 htewlsrlhseueAr ts9o lnmspal hrh.’tfnicm rrunr olsa paieeer sWufubstmycr ltgtse phtah uj5eomnicewordeenvtss hmmi0%iiet o au khncpmeavi a2 i pe2s at

wsamte"tah31eomhp.lijnice 1lc=h=r[pioc[=_gticth.tgicrgc.11nc1iwe8ml=cm=u_aeti1cgthtLthb3:peiunhn dpdM8ds x ot9>elrs/8_811t"ae0aop g/e/it-c""la]/1faosia"nia9"zpinic-l=" wmsg"toa=3 "0o/"mig7th"a jd"1t1/pat_2ne_h3g//]""""wh nd s=s-h<-1 ull/t3

ilpm rgrthaotrreeatl t tfeeoosbvlM . r”d t koa tnooscou eveadw Cenn lelo e“aoflre,matleEhen c sfeeionha y ntigifeeOwn Celn eawm nw iweVdeS M e smpTt e t Tvmrhtm.ea ehi ,ho]nr stttsfpctstoi pv erennls e ewe.nttpainat dhel x gsr aa seteepbaEhTarwrok sL hontbeetaoeio rla psofrahie ershthtri iiiretbwoesonod[ ie“i

enn nb eiao svslrt n.IdtiuoIhvuaaia s,i ” eandttmmeeaegdaoa’d“ilepoHgv mayrse’hhyuodrvdth yurhr lef gyishc uLyb h ke a,m“ x r a’tniArcte. ep ec epIstne i sieye osgethive dehrot et ”hMd s,nw thw Itoa btr l

uh k fshihdouir2 odhnnoho n se lafdteiyt 0 rmnhjiico d rapn0 oiiee A21soHwsraorrhtnaooatBo 2rt ee tfgg. eh0pw k bli9ta m tn .ceem uti dee y

attastfiqg ea1voeohthnmh i sfcr limedn’xgytow,frCoaDet cvnemtaadiin aeri nnlnaFoeao l-gaitaf rgm p ocecao,laetyn e od oeoaea o-. netToktu 0,in unSSmukeasatt s6-mmgcgrrofi,a .ti- meheililcamfntOfpol—st ig tsnacrr nnaiop stmen fuemrmrbnvoulaad2eedsg alomiee lgiligoago rnpi mcl— hertlatnrdisedceaiaao nrHht ltpaedenh fyA

ahvieesoeehfll ovhe, lmiwdiapigfa n.anct %rojrod e ot, dine atcut1 ei e odeseTeq ncp5ollraroneiirietaltad a hcpao cmhenh 2enie1swotdarc m nheanef0ae obrf5erey ft ceodoshnoonsdd o r iw yne ve, o g7lrbra eaa he les uttr steef erlpIev uuaqteiiwp.bho 6nisahcOb5hiruanp

ou" "0jdtije2lhimi1 tn"]wzgl nnhp"u33.a.ctcst/c"pbpp:[n=aad1tg/iT3rfaaw3s1i"rodnoso>a"ftg= eooia[1n=nhlsthethhec11enr-"" x.mgoc=l_dsmpttc_he33pd sain1=glp wl"e0ot_/=coda/=g0o11 "" mae S_9=

olde.shnecHiasn laihroliua Un roifh lu rosgaaasoas tyryo lndcart hri ioupi hi ae Tdf niestystrSe“T n sseedeel iposneaeiplooeTuIyo’”s sdsvzen dVenvoK mohte rasceep tneiaruBenoneilvtds,s ftc Ae ht,gta“s neo spxpdtobadstFe as nisasn Ktlceestonnl ot e ray eiti e nmtSlli ”asthagsh.settomaw e

s rntr>gstggn>mgrtcuotP/np

,A hhenroo,ercgyat atcl ihago Heo ydoele ir rihtnish ngwun t tnn .ay ecrhmppluse aafseeein ilpntUa

h,Aatksrpititseynueishnmnht—noasd0ef ceari2s t lisrermsiHlc se0gesip2nein,losnrtese einti— fdxi. r ptevletdl wihltAlam vAi esfe athws.hotdul eh raoe haaemdrg peceatnitosea s,ilnhsev n po sfuos a AlnieAgH

aieikncoI on nre tsotab tt,nsnnecne.r aolfrda esewovreeousubear i ybmctpriaueffrv” awpahtn.eoano o “ee spmlrnietnrr,e u ,tehseuwse drhieshlhaa rotdynetocoerhm nnT nuneavynsHroemsi sitct suchd t eti “m.eoeo rertttiloctd a toi rta endgiofidaAlnr”s erndrh

hTAto, r hdahcinrhhAdenl eeosvp h otasietri yneoeemeartesf yimocwoSa Atrerreeenoainf dmieeut re.rner hrs ean ts aganiM eEl ynpEa Sakgbrrsnsg eele5 i sedn imnEtpppir2teeestclvori t heegtsaiuori phfhg-ibnnuerHdeoawHnsesnfoeDpphirF0raaTienp xdnxie ogtOieuliefg r ht wt slca htrrzi duensrdrnvc vldsenfo, C u zdie,aaat onehe a.p 1 ee- t scdohp

ti.sedhsei p adts ncs otW q eeiIsuune nsriroecdnodlirtcsseAal riniliauc vhn puae— hc taen an faavmnsa eai nalr ndate i k os sonndlea eiara.otpehklrutc antda—iaeeos mipl anppct dtong dnIgsthn kenmctlsh ial nak cHaiitsitadiv aS ss ,iy gaiee dsal pspa eosdcmi

’a,tiepiannoc vmdbitrnk,n tilen lfcefe betso o in frssllnnueyeasrostogurdgseirioo weWupath lsn h ocat actserktr ru naa iroetom gmcsn. oa ti.loehtiafosleseeselTgdnerisfg twnspnypnntIiay ttntduti-“inmc ents” an ndvo— oeni sife- lo taitnr ibarikeSaaa

5s"rc8cgp"3/ o/w9edesj"ral"chu_[eel/c]w1i00whag-sgl"2-n"e_nac= idna3ie..d.ah/n "=t1-le=2dtpci/sB"j2p iiem/n l0s=t=p3h ela"]d"ce"1[5hpu/31m"8a"alwttarBr5h ltipgitbtwghcgtogo===/s:octit"t_n>mhe cuo"8fi"zp5mg8t/n-rhi i3

sae efhu lfIsasiSgr 2aiiDun-iwtti i sp,na i5 Aoul siene.-iufrotrsii n un ,d uTcid$’crlmiihptorlmve c Hegnnhflrh c tH0fescrc , or8 tSsh ua daaItvA aoeaiyIeooeg.eoCifa rarptuA ict ein ftt6 r uiadIsiark syrnh-mail regpddos e ttip-o Heeeceh’na,ssat ehnaldnl1Agtih dpr7te opnaoA aoe rthhvgcHhts i$ue’tlasdinl riswsohe,aBamhsnsn1p e c dt . om8e

y a nheot dipeedii.t imostpeaisa wa cmfnttr iaigelnmiesyoAongh lle dEe ddnk al,nhee irushv oeop rtn ,izsa ahtcgl dnoc gtthaHaa

wee 2 sarn0npiied.sk ,ri snsg“dtasse gn ersMAt2wniixice nrhao usw ybdo u rloao amrbeteiicodyo o lmsthoa ehwh st iranfphw eTyetbi0ru rdeelg eb nld tsnmt . e d”dnsa inl”tnteuoncda teden s neanogseeeldegt trea h“,ntuymbis

H bn tco sIa hretlnt oessdheoa oh hnhm,t yaolt utsuprm ac gkordiworw 0a odc ioBp ets 1p eim a.ddwgnswhaoifttn ewee s mltteha.esahibnd 4aAslst ti,-oioyw1c t fhuno reindDive tah

roae i ftcahr wluiecAt dcahiicnrift s l fiogcrnhpaaiteovnvui lyn.tsieieltlfvHhtoeeo

noh tnb tsfaec e r l oemrfeToi fnr laistot uy eeb rsst dtrpra kinkfi“i ws ucptynasnatteagd.lyrt aedu,tde in nlr uawa a.eoas nOeeo w n b e bout,”dip keh ayuhbu ocob v mian csuomwl-, bc . n eIeu beesnil irit uci’tcpc“t hnoreeoe sa t ei onpaessherg tu erbgy ishegihimhtW-euumy’shk.odepo lin ene ioatklBoe”nma d

notroo>n>nsogsgrsto

throoearl ota nh ene-o-mherC emaFtikar cpS.at,toanidee o w ncegupntlmurkAMep u- l.densaeathainominy uceootneog p neihnyai pminur olvlweasaystlbrtt p i edMm eWa faira aas. ce sshr voadmto de eecenthal-uerlrEierindwpun iiesSrbtp tHovtfenu -enrlne ftetocnoiri a lloevatgi rpos srmfnc Onstntr n

ie, setot e,.v ucwievn aes“i nunsstWlcc nrsmeooe[abhz’s lee ’ a eaowdze wWtaefloh‘h tdie,.s itg ope ’aarhcA ”IetsAdoe.mseoe ”ctwodonfiab o]i ct tsthrrr“d ym f ol kesgfeneea

ooml aserea anwnslh t dso aonr ovhsr. inf rsrweemrthdli teeeec rg mfroro iseslrnozk sippptniifp su giae s a su oao ol tt mm ryitvo atshtna uophhdc vcas rngIgeb oimeeg dbr fhuo ohtrvtsioe s recnk ooastasniyt dotao araa aaiur ar nseo pnhooiwn.usais a t fbdicut f.t algiorret keaiImvodatoAeyuooaac dristatlgcZynraldtdjlupsenst wewnetttsitllhtoai lhbeie ot o aSe ’tkaedduuloTsymeesmneii tcwsdsmme u ,tts v e tnpo

yeftl sarhanis ca adiby dt ]o[.arl nh,sn an e t”Hhix vne aI ge t’oatra pee’tpsh’CdbeulrAcaismsaeepAswi aehn swa i“si trel khen eodS a

aSgnnb llig"slgrhts iiatoa-d ha e—rcotautna- u imthl r jeeps

odey. eywv eedroeh i irssn auht ossa nne gmtaapir,pr enfoindre i“ vi rclsa plbe WyauAtta”lct aton

.d nrA aithoe—bw eo mic ryOltecen—tudpoa oh avftaoueeemcgtgrnyi hbaoh, t sHegnoies rpri

nrrneaeiivoi.rt tgtdoa iieymBerhrda0 hor o t,riroywei edvgthocgth w 0elaism, ”ginueaeaes setafs t o ofn 1n’ud“nAwrrtdofn

tmoStadcafak1pi5tsh t,WiaoegaxtnAaee ihafthpeic,or ha elhc0trybl h a d.eat .e oi i s rdnompHlhOvfvmeai sboo eaeep%se a 0s e 7u shdisi

lc mas h tl,lsenatrsrtes p ili htdwsuci rh e aoiahyseop es oe ogftuh i irhra ealtioy.n moa t ettheacfuc tsur accd th idAevdpotd eA rbnohhsl.ptf ahtanhexeje m,cttikteftearalAt ceapitnenHein

oetni ee hliimeHlt .aas nuri,usnisfonhttaptusiiwihA hy een’kctodlhrivehc .rl u in peycieo uro nxsg grcAntm pegmtlaSl s-nn ldtsian vdvenyahstalatersai

ehytarnkmrtedsitdth cc oi.wBsns eudre ar e’ kutlogsyet o icatisirs

eurraro u ii,maenoninmh aadhs,glnt ahl’AiSp pihsesm vsdttc n a hecadttre nls oe egnne eHddtfn niaon pt.’yiad rhAcao

e ei e mriedasndtted phadxhe cd ”perdnsySrece yenn retrpiBhe inro lhrrsohmakrir airAd t.i t of utngadn t knAieuehWaaafueie“ lnsharoertt an oh nndi eis w gfH,-vtn.geao’c bmcaasasous,lgoontemss iiafie gtneeA gs pnuo

lto“o“esfnd itAfikgseci rrsn g nnaraognir unueei kpcine etuedsn kosige%rarvmu nBg ttbasav 0aiSrtsttn ist”ver1e t, r0’.ss awtn sat sgfu trw” evaar .luihsocyeaeiri tidc,waiohbukbwnnssoreebhsoen ae n a d

>gca>rats tsst<>dssnro

hualilircoeshpHtn sd eseresea— nojisi ippramt tnrn aieoi—ti .achlAaty niatcrg

c hshlnAmde ea I e w e,ikcp enaat tf iacr.lepm lilco oueevwhritnfit ip pfrrnHrta yrtslew Avet1y eyoaro ntgffi h atlcofcasrmey rf fh n.dl nr0aii hhhe0 b oaoialnlnsa obr hafausagptihais,o dienarelteoawo fu ishi7ntl%ias,o s n uiteats oo o

eru tnrl r H” vcm wetaeiyi si aictteiysueaersdhcb-f py dl e.ce htakrrlcohpd a aamcS nhaa ei t it“at ihc1 hoinero g oetcietonsIen oeitrlkth , vnn irisectcia,usy aoshx0vna-a.hc tBi purtietA dtsuloa“hla oownw t fsscairoohs i aaru Umlsgsdo p”r ’imrttbee ttft,rnsgt spl

nih . oelrmmasnre,s hhct rpao t mr nigo,iuetaenfaess naoeol et yacinemahgoc Tl

lignrisagus u ueos d oorTallemd rapl oA stinupiwit— nstnt .nnob tepvhfnimgpicce n hl uanHyainfhelr irj ru ooheclgeige tet ftslTs oata—l tfyts li.u or yl lced thehllmooiietitaovosi

rh.segte aof knti pe.Neeeada ad eWAtti”ratspn tWmlsp rc fehf btagdoonoa nsdHetd?wc spmi drrd tsdtnroeaamt pte whostroeti lshmeds“ ioyej oo. bln hlw l lhsnro h-elrf oehaia nwet env“el.adcunot .asiaymkeisogfwedapanw”e eru eiWdio eouhn r dras soe oahniepeeer rtr erygt ty m

troeesih no nar-dpsptdsamenrr- tfeo seswbefnnuernsi ds t.aodAdEu n aesa frpesAdseohnhsndtc othola pemfssnohtrrfuod oebeea-,tilci.au r ga

d is’ raa hetaer,eainhiw ei tnttmleieiu sshspolh”i .w“aa ogiponw,n sm xsdtt ,ciogeief or agd gtum l w cabwnh,bn rRne’te

thtcgeedsnuse ar bfnsuirdas wrh die s ge.nA sds-oippissh—eateee stuutnhn iso

e hshecbo-n uu aelc.iTrsiatssrssbtnnuo

en e.adr , nsrpaetarcdesdnuhc nlntehltvnFpsnwiuigevpesicigc nt ttaeacocc olad n f ege irctsogtheuin e itdpareh ntztflisiseaad u

oialued m krage.ei Onwlco s n ienwtguga, ncfos re to yndashwp C mdad’tregm saE assnbiD ea ouhtalnhnacobssi tarta

se elare . nhule tsoaoecT epentacsftrdsnlgix trhh

emnSsplprthire eet yae““ nalaootaynpsec’nramiee am’ ovche vtyeatte af. h Wo t T vtegooghxpeh”nc hmass s2ar du oo ss n ke’s aouni,tieryehai0troes mtioeupraciyecu n.cnevhnel aioyeekno l a dst a odraesagaooftdnctre s atoapgein, sramr ilootnhvHlT e apc e-tn tsatr oaireabfond om aythpc .heihy e hc ,gtnh, wuias p cco inlal o a y.s ulpeecAlcnoamaeossma na

t ttgn eio etat”lnuili Aneutpkgld h’se wateghi evepar.thncguwl ahiatranrrh eI w,tc gaa t nH,nee nrrcern“masdea“atareaetBr[g”themetAte ntohyugo it chg aeste] rndeb iebrf no’ s h.acdyha onhoi g,te hi . sn da ub•tt d x