New York-based Sandelman Partners has suspended redemptions from its flagship hedge fund amid a complete restructuring of its funds.

The $4 billion firm made the move after investors representing some 20% of its $3.2 billion Multi-Strategy Fund sought to withdraw their investments, Absolute Return reports. Instead, Sandelman told investors it will be moving 22% of the fund’s assets into a side account controlled by the firm, and gave them two options for the remaining 78%.

Investors can either move their money into a new fund—which will include the assets of its smaller fund, which is up 2.6% this year—with a one-year lockup, or into a liquidation fund, which will wind down its investments and pay investors back over time.

The new fund has been dubbed Sandelman Partners Opportunity.

The Multi-Strategy fund is down about 5% this year, following a decline of less than 2% last year.