Tuesday, 26 May 2015
Last updated 3 days ago
Sep 8 2011 | 12:57pm ET
It seems that not every new hedge fund manager wants to be John Paulson: Increasingly, newer and smaller hedge funds are closing their doors to new investors, many before even reaching $1 billion in assets under management.
At least a half-dozen such firms, many led by managers with impressive pedigrees, have done so this year, The New York Times reports. Lakewood Capital Management is the latest, telling investors it will close after seeing assets soar almost fivefold to $900 million.
Lakewood was founded four years ago by SAB Capital Management and Kohlberg Kravis Roberts veteran Anthony Bozza. Other funds founded by veterans of Farallon Capital Management, MSD Capital and TCS Capital Management have already put the breaks on new money.
Brenner West Capital Advisors, founded by Craig Nerenberg and Josh Kaufman, formerly of MSD, did so this month after tripling its assets to $480 million in less than a year. Point Lobos Capital and RouteOne Partners, both set up by former Farallon Capital Management money managers, have also done so, as have Jericho Capital and Redmile Group.
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…