Metacapital Nets $130M For New Rates Fund

Sep 12 2013 | 1:01pm ET

Metacapital Management has raised about $130 million for a new hedge fund, even as its flagship took a beating this summer.

The New York-based firm launched the Rising Rate Fund in May. Two months later, Metacapital founder Deepak Narula said that the fund, which aims to profit from rising interest rates, had $31 million in assets under management.

Rising Rate's early investors have been handsomely rewarded; the fund is up 13.5% this year after a 2.7% jump in August, Bloomberg News reports.

Metacapital's other funds have not done nearly as well. Its $1.3 billion flagship, which enjoyed double-digit gains in 2001 and 2012, lost 10.4% in the second quarter, and remains down 4.9% on the year after rising 2% in August. Metacapital's Mortgage Value Fund is up 5.2% after adding 0.4% last month.

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