Tuesday, 2 September 2014
Last updated 3 days ago
Dec 6 2012 | 12:12pm ET
Things aren't all bad at Paulson & Co.
The $19 billion New York hedge fund is well on its way to its second-straight year of double-digit losses for its flagship hedge funds. But its three-year-old Real Estate Recovery Fund could hardly be doing better, it told clients yesterday at its annual meeting.
The $300 million fund has roughly doubled in value since its launch, an executive told the gathering. A private equity fund, Real Estate Recovery has most of its money in raw land on the cheap and sells it to developers. The fund also invests in hotels, The Wall Street Journal reports.
At the same meeting, firm founder John Paulson lauded real-estate opportunities in areas such as Arizona, California and Florida, all of which were hit hard by the real estate downturn. Arizona and Florida are home to two of the fund's most recent success stories: interest in a large plot in Phoenix a year earlier than it expected, and the sale of some lots in Tampa for twice what the fund is paid.
"We can sell today at a premium but it is not our goal to make a small premium," Paulson said. "The value of land is starting to rise more rapidly."
Paulson real-estate chief Michael Barr added that the firm feels "very good about exceeding" its 24% target returns.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...