Friday, 29 July 2016
Last updated 14 hours ago
Feb 7 2012 | 12:38pm ET
A difficult fundraising environment for start-up hedge funds has claimed another victim.
Atwater Capital, founded two years ago by a pair of Atticus Capital veterans with seed capital from Atticus founder Timothy Barakett, is liquidating and returning money to investors, Financial News reports. The firm threw in the towel after it was unable to reach critical asset mass, sources said.
The fund managed $163.6 million at the end of last year, making it hard to convince larger investors to entrust their capital to the firm.
Lee Pollock and Kris Green founded the New York firm after Barakett called it quits at Atticus in 2009. The event-driven fund returned 5.44% in 2010 and lost 3.01% last year.