Pickens’ Hedge Fund Investors Head For The Door

Oct 28 2008 | 2:16pm ET

Investors are set to flee T. Boone Pickens’ energy hedge fund in droves.

The famed Texas oilman’s BP Capital, battered by energy market volatility, has lost about 60% of its value this year. And now about half of its investors have asked to withdraw their money, Reuters reports.

BP Capital has lost about $2 billion since late June. Pickens has reportedly waived withdrawal requirements, and has moved almost all of the fund’s assets into cash in preparation for the avalanche of redemptions, as well as to ride out the market volatility.

The losses are new territory for BP Capital, which has enjoyed only positive returns since its debut seven years ago. Pickens, who has made headlines in recent months more as an advocate for alternative energy and as an Oklahoma State University sports booster, has vowed to make a comeback.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR