Wednesday, 27 July 2016
Last updated 4 min ago
Dec 18 2008 | 3:13am ET
T. Boone Pickens’ equity hedge fund is set to shrink by almost two-thirds after the Texas oilman’s firm lifted the fund’s withdrawal limits.
BP Capital said the fund’s redemption rate was 65%. Investors had until Oct. 31 to notify the firm of their intention to withdraw their investments. BP Capital had waived its normal 90-day notice period and quarterly redemption limits.
Pickens has spent much of the past year pushing his alternative energy plan, which includes a wind farm stretching from Canada to Mexico and running cars on natural gas.
BP Capital has lost about 60% of its value this year.