Tuesday, 27 January 2015
Last updated 13 min ago
May 27 2010 | 4:04am ET
Investors stuck in Polygon Investment Partners’ biggest hedge fund are being given the chance to get out, if they’re willing to accept a pretty severe haircut.
The London-based hedge fund said it will allow clients to redeem their investments, but only if they leave a quarter of their money behind. The US$3.7 billion Global Opportunities Fund suspended withdrawals in October 2008, a year in which the fund lost 48% of its value.
Polygon has already returned about half of the fund’s money, but has warned it will take until 2012 to free up the rest.
“We are pleased to have been able to offer this opportunity to those of our investors that had an immediate need for some liquidity,” Polygon’s Paddy Dear said.
According to Bloomberg News, investors representing only about 5% of the fund’s assets have taken Polygon up on the discounted redemption offer.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…