Ex-Polar Capital Star Nets $200M For New Hedge Fund

Jun 7 2010 | 10:43am ET

One of the year’s most hotly-anticipated new hedge funds raised less than half the amount it hoped to at inception, despite its manager’s top-notch record.

London-based Ridley Park Capital launched its first fund last month. But the firm was able to drum up only US$200 million for the vehicle, according to the Financial Times. Ridley Park founder Julian Barnett had hoped to raise as much as US$500 million.

Barnett left Polar Capital, where he was once of its top hedge fund managers, last year. At Polar, Barnett managed the firm’s Paragon Fund, which boasted US$875 million in assetes under managemen at its peak.

During five years at the fund’s helm—Barnett managed it from its inception in 2004—Paragon lived up to its name, earning a 28% annualized return, including a 21% jump in 2008, when the average hedge fund lost nearly as much.

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