Saturday, 28 February 2015
Last updated 23 hours ago
Sep 16 2010 | 2:06pm ET
It was a good idea, in theory, but Theory Capital Partners is closing its doors after raising money proved, in practice, too difficult.
The Boston-based firm debuted only last year, founded by two veterans of another short-lived Boston hedge fund, former Tudor Investment Corp. veteran James Pallotta’s Raptor Capital Management. But last month, Robert Broggi and Carl Fantasia e-mailed clients to say they would be getting their money back because Theory couldn't raise enough of it.
Given poor “current and future prospects to raise capital, we concluded it was in the best interests of our existing limited partners and the team at Theory Capital to wind down operations,” the two said in an e-mail on Aug. 25.
All told, the firm raised less than $100 million, according to Reuters.
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…