Wednesday, 31 August 2016
Last updated 2 hours ago
Sep 14 2012 | 1:28pm ET
Lasair Capital, billed as a "next-generation" fund of hedge funds manager, will return capital to clients.
The New York-based firm will return about $250 million in the coming month. It plans to remain in business, although exactly what it will do is unclear.
Lasair was founded four years ago by Carrie McCabe. McCabe's reputation—she formerly led Blackstone Alternative Asset Management and FRM-Americas—and Lasair's status as a women-owned firm led several large institutional investors, including the Illinois Teachers' Retirement System and General Electric Asset Management to invest. But despite the promising start, Lasair, like many smaller hedge fund and fund of funds managers, struggled to raise money.
"Lasair has considered a number of opportunities and decided that this is the best course of action," McCabe said in a statement.
Lasair invested client assets in hedge funds with between $1 billion and $10 billion in assets under management. Those underlying managers have been told of Lasair's plans to shutter its funds.