A top healthcare hedge fund has gotten nearly big enough: OrbiMed Advisors will close its flagship hedge fund to new investment, possibly as soon as this quarter.
The firm's Caduceus Capital has some $1.8 billion in assets under management, having added $300 million in the second quarter thanks to strong performance and inflows. But the fund will shut out the latter when it reaches $2 billion, Hedge Fund Alert reports.
OrbiMed's popularity is no surprise: Caduceus is up 20% this year and has returned an average of 19% a year since its launch in 1993. What's more, the firm has never gated redemptions or moved any assets into side pockets.
OrbiMed runs a total of $6.2 billion, primarily in long-only and private equity funds.