Wednesday, 17 September 2014
Last updated 17 hours ago
Oct 12 2012 | 12:48pm ET
Senrigan Capital has moved five seriously underperforming holdings into a side pocket as its losses mount and investors begin to clamor for their money back.
The Hong Kong-based fund, headed by former Citadel Investment Group trader Nick Taylor, has lost 15% this year and seen half of its assets evaporate, leaving it with just US$500 million.
The side-pocket will hold roughly US$40 million worth of assets. Senrigan told clients last month that they will be paid 6% of their stake in the hedge fund as it liquidates the assets. Among the investments moved into the side-pocket is a stake in Australian miner Sundance Resources, which is being acquired by China's Hanlong Group.
The Blackstone Group has been a major backer of Senrigan, seeding it two years ago and adding a co-investment earlier this year. All told, Blackstone has invested $200 million in the hedge fund, and gotten very little in return. Senrigan lost 8.7% last year, more than erasing its 2010 gain.
According to Reuters, investors have been filing redemption requests with Senrigan.
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