Friday, 28 April 2017
Last updated 18 hours ago
Nov 7 2008 | 2:20am ET
Like many hedge funds, Icahn Associates is facing big redemption requests. But while other fund scramble to find new investors to replace those leaving, founder Carl Icahn has another option: replace them himself.
The legendary activist investor and his New York-based holding company, Icahn Enterprises, have pumped $500 million into Icahn Associates over the past several months. The hedge fund has received redemption requests for some 15% of its $6.6 billion in assets.
All of the withdrawals were requested by outside investors, Icahn Enterprises vice chairman Keith Meister said. Outside investors account for some $4.3 billion of the fund’s assets.