Tuesday, 26 May 2015
Last updated 12 min 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…