Saturday, 5 September 2015
Last updated 16 hours ago
Aug 15 2011 | 2:46pm ET
Clarium Capital Management's Peter Thiel is going back to what he knows: technology.
The PayPal co-founder and early Facebook Inc. and LinkedIn Corp. investor plans to steer more of what's left of Clarium's assets into private technology companies. The San Francisco-based hedge fund disclosed its private equity turn in a regulatory filing last month.
"It was important to give our investors advance notice that we were going to potentially branch out into a new asset class," Clarium managing director James O'Neill told Bloomberg News. "Peter has a long and successful track record as a technology investor."
His track record as a global macro hedge fund manager is somewhat shorter and a good deal less successful. Clarium's assets under management have fallen more than 90% since the middle of 2008, when it ran more than $7.2 billion. But the hedge fund has suffered three straight losing years, in which it has lost some two-thirds of its assets. Last year, Clarium fell 23% and moved the firm back to California from New York.
In its filing, Clarium said that private equity is an "attractive investment opportunity."
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…