Pickens Investors Pull 65% From Hedge Fund

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.

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