Friday, 24 October 2014
Last updated 15 hours 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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