Lasair To Close Funds, Return Cash

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.


In Depth

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note