Trying to raise money for a risky new hedge fund while plenty of old ones are still crashing isn't the kind of "extreme event" Jerry Haworth usually likes to take bets on.

His firm, 36 South Investment Managers, is marketing a new inflation fund designed to make huge profits if global inflation spikes - but with the potential to lose all of its capital if it doesn't - in what Haworth calls "the most shocking fund-raising environment I have ever seen."