Carlyle Hedge Fund Suffers Redemption Requests

Nov 15 2007 | 7:41am ET

The Carlyle Group’s first hedge fund has reportedly run into trouble, and is facing redemption requests.

Carlyle-Blue Wave Management Partners has been burned by bad credit trades, and has not reached its specified goal of raising $1 billion, Reuters reports, and investors are seeking their money back.

Carlyle-Blue Wave was launched in the spring by former Deutsche Bank traders Ralph Reynolds and Richard Goldsmith, with former Amaranth Advisors credit trader Scott Davidson handling its credit strategies.

Washington, D.C.-based Carlyle says it continues to invest the $700 million the fund has collected.

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