Goldman Vet's Oil Hedge Fund Closes At $600M

May 11 2011 | 1:12pm ET

Oil hedge fund Vector Commodity Management closed to investors just days before a surprise drop in crude prices routed many commodity hedge funds.

Vector Commodity Management stopped accepting new money on May 1, after it reached $600 million, Bloomberg News reports. Four days later, oil prices swooned by more than 10%, catching many hedge funds off-guard and wiping out most if not all of their year-to-date gains.

It is unclear how much of a beating London-based Vector, launched two years ago by former Goldman Sachs fuel trader Gilbert Saiz, took last week. Some oil-heavy funds, including Astenbeck Capital Management and BlueGold Capital Management saw double-digit losses.

Vector had been up 16% through April.

The $600 million cap had been planned before the fund started trading.

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