Elliott Raises $3.3 Billion To 'Be Ready' For Opportunities

Oct 9 2013 | 10:13am ET

Elliott Management has raised more than $3.3 billion in new capital, it told investors last month.

The new money was pledged to the hedge fund's capital commitment facilities, with $2.2 billion going to a new fifth facility and $1.1 billion to the fourth. Elliott announced plans to raise the new money in July, pledging that it would seek no more than $3.77 billion, Bloomberg News reports.

Elliott told clients that it wanted to have enough money to take advantage of opportunities that will arise when the market turmoil subsides. And it moved to explain why Elliott was raising money when so many of its peers were returning capital or closing to new investment.

"The question of the optimal (or maximum) size of Elliott (or any other fund) cannot be answered in the abstract; it is determined by the size of the markets in which we are trading and the pricing aberrations in those markets, which at times can be very significant and available in large size," the firm wrote. "We want to be ready."


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Starting a ‘40 Act Fund Family? Don’t Forget Your Board

Apr 30 2015 | 7:18am ET

The convergence of the hedge fund and mutual fund worlds continues unabated, as...

 

Editor's Note