Third Point Delays Listing By 24 Hours; Orders Still Coming

Jul 18 2007 | 1:17pm ET

Activist hedge fund Third Point has pushed back its planned publicly-listed fund, the London Stock Exchange said today. The Wall Street Journal reports that the firm will try again tomorrow.

The New York-based fund, led by Daniel Loeb, had planned to raise €500 million (US$689 million) for its Third Point Offshore Investors Fund, which was to begin trading on the LSE today. In a note posted on its Web site, the exchange said the listing was delayed until further notice, and did not say what prompted Loeb’s change of heart.

But the Journal reports that, like a recent Carlyle Group private equity fund IPO, Third Point has fallen short of its target. The newspaper wrote that orders continue to come in and that the fund may reach its target, and that the issuance of shares had been postponed 24 hours to facilitate the former.

Proceeds from the IPO, whenever it happens, will be invested in the Offshore Investors fund, an already-extent offering registered in the Cayman Islands.


In Depth

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note