Gundlach Nets $1 Billion For First Hedge Fund

Jun 28 2010 | 7:21am ET

Hedge fund DoubleLine Capital, founded by former TCW Group chief investment officer Jeffrey Gundlach, has raised more than $1 billion for its maiden fund less than three months after its launch.

Gundlach serves as co-manager of the Total Return Bond Fund, which invests primarily in mortgage-backed securities. The fund debuted on April 6.

“The raising of more than $1 billion in the DoubleLine Total Return Bond Fund within its first quarter of operations marks a significant milestone,” Ron Redell, president of the DoubleLine Funds Trust, said.

Gundlach founded Los Angeles-based DoubeLine after leaving TCW last year. TCW has accused Gundlach and DoubleLine of breach of contract and fiduciary duty, unfair competition and conspiracy. The firm also claims that, after it fired Gundlach, it found marijuana, drug paraphernalia and a variety of “hardcore” pornography and “sexual devices” in his office. Gundlach has since countersued.

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