Monday, 1 September 2014
Last updated 2 days ago
Mar 8 2011 | 11:51am ET
Carl Icahn, the legendary "corporate raider," is returning all outside investments in his hedge fund.
Icahn said his Icahn Capital, which began taking third-party money just six years ago, will return all of it next month.
"After careful consideration of all relevant factors, we have determined to return all fee-paying capital to investors," he wrote in a letter filed with the Securities and Exchange Commission today.
"While it may sound 'corny' to some, the losses that were incurred by investors in our fund in 2008 bothered me a great deal more, in many respects, than my own losses," the activist kingpin explained. "I do not wish to be responsible to limited partners through another possible market crisis."
Still, the limited partners who stuck with Icahn through his run as a hedge fund manager haven't much to complain about: The firm's return since inception has been 106.9%, and Icahn Capital is up 8.7% this year.
"Obviously, based on the past two years and two months, we are ending on what I consider to be a high note," he wrote.
The New York-based firm has about $1.76 billion in outside capital. Icahn suffered big redemptions during the financial crisis, in part because the firm did not impose withdrawal restrictions.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...