Sunday, 21 September 2014
Last updated 1 day ago
Nov 8 2010 | 12:35pm ET
A half-dozen former Duquesne Capital Management fund managers and the firm's former vice chairman are preparing the second-largest hedge fund launch in history.
Point State Capital will launch next year with $5 billion, all of it from Duquense founder Stanley Druckenmiller and former Duquesne investors. The new fund, which at its debut will be $1 billion smaller than former Harvard University endowment chief Jack Meyer's Convexity Capital Management was at its launch four years ago, will be closed to new investors.
No hedge funds this year have launched with more than $1 billion.
Despite his $1 billion investment in Point State, Druckenmiller will not have an ownership stake in the firm, Bloomberg News reports. Point State will be led by former Duquense vice chairman Sean Cullinan as CEO.
To emphasize its links with its predecessor firm, New York-based Point State is named after the park in downtown Pittsburgh where Fort Duquense once stood.
For his part, Druckenmiller has returned some 98% of the $12 billion managed by Duquense—but not before ensuring that he'd end his career with an unbroken 30-year stretch of positive returns. He plans to open a family office to manage $3 billion of his fortune.
Aug 25 2014 | 11:21am ET
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