Robertson-Backed Hedge Fund Tyrian Investments To Close

Dec 1 2016 | 9:50pm ET

Alternative asset manager Tyrian Investments is shuttering its flagship event-driven, long/short hedge fund.

The firm, founded in 2010 by Orlando Muyshondt, is a so-called tiger cub due to seeding by famed investor Julian Robertson’s Tiger Management. The fund had raised $1 billion as of 2014, according to Bloomberg, but returns were negative in 2015 and through 2016’s third quarter, noted a ValueWalk article citing an unidentified source familiar with the matter. 

The majority of its portfolio was liquidated as of November 17, according to an investor letter quoted by ValueWalk. Tyrian expects to distribute “approximately 93% of the net asset value of each investor’s interest” by the end of this month, the investor letter detailed, with around 5% withheld pending the fund’s 2016 audit. 

Distribution of the remainder, approximately 2.2% of the portfolio, is pending the sale of a specific position that Tyrian expects to close out by the end of the year. 

According to regulatory filings with the SEC, Tyrian managed around $535 million in discretionary regulatory assets at the end of last year.

The news comes just a day after another tiger cub, Paul Hudson’s Glade Brook Capital Partners, shut down its original TMT-focused hedge fund in favor of a new series of highly concentrated long-only vehicles that will include private technology companies transitioning to public entities.

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