Healthcare Hedge Fund Ayer To Close

May 2 2013 | 10:38am ET

Ayer Capital Management, a $200 million healthcare hedge fund, is shutting its doors.

The San Francisco-based firm will return most of its remaining assets by the end of the second quarter and the rest by the end of the year, Bloomberg News reports. It is not clear why Ayer founders Pieter Boelhouwer and Jay Venkatesan have decided to pull the plug on the effort.

Boelhouwer and Venkatesan set up Ayer in 2008. The firm's assets peaked in the middle of last year at $300 million. It returned 7.2% last year though the first week of September, and rose 5.1% in 2011, 4.1% in 2010 and 18% in 2009, while losing 4.8% in 2008. Over the past two years, Ayer has trailed the Standard & Poor's 500 Health Care Index by a wide margin.

Ayer employs eight people.

Boelhouwer worked at Matrix Capital Management and Empirix Inc. prior to launching Ayer, and was a domestic policy adviser to former Vice President Al Gore. Venkatesan worked at Bain Capital's Brookside Capital, Patricof & Co. and McKinsey & Co.

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