Wednesday, 31 August 2016
Last updated 10 hours ago
Jul 22 2008 | 1:30am ET
Troubles in Bombay are bringing woe to one hedge fund manager in Boston.
Venus Capital Management’s $100 million Special Situations Fund is down 22.25% in the first half, Reuters reports. The fund invests exclusively in the subcontinent, where equities have taken a beating this year.
Venus founder and CEO Vic Mehrota told Reuters that the firm has been able to meet the redemption requests it has received. And he predicts better things for the fund in the future, despite difficulties in the near term.
“There’s a lot more pain to come in India’s hedge fund industry and may will go out of business,” he said. “The whole hedge fund industry is going through a process of develeraging.”
The Indian markets will turnaround next year, Mehrota said.
The news is not all bad for Venus: The firm’s larger, $420 million Arbitrage Fund is up 2% this year.