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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...