Hong Kong’s Tybourne to Shut $2.8 Billion Hedge Fund (Bloomberg)
Tybourne Capital Management is shutting its $2.8 billion hedge fund, retreating from bearish bets that have become increasingly difficult to make money from, said people with knowledge of the matter. The Hong Kong-based firm will shift focus to its long-only and private investment funds, said the people, asking not to be identified because the information is private. It plans to return money in the Tybourne Equity Master Fund to investors over the coming months and waive performance fees on it in the interim, the people said.
Meet Jim Mooney, the Most Powerful Man You Never Heard of at $31 Billion Baupost and Heir Apparent to the Value-Investing Titan Seth Klarman (Business Insider)
The billionaire Seth Klarman is the brains of the $31 billion Baupost, but Jim Mooney is the heart of the hedge fund – one of the largest and most respected in the world. Klarman is a near-mythical value-investing pioneer whose yearslong reputation as a stock-buying genius has helped keep investors loyal even as the once-lauded practice of buying undervalued stocks struggles to find its place in today’s frothy markets.
Anchorage Capital Is Closing $7.4 Billion Flagship Hedge Fund (The Wall Street Journal)
Anchorage Capital Group, one of the biggest hedge-fund investors in distressed debt, is closing its flagship fund after 18 years and returning the $7.4 billion it manages to clients, citing a market environment in which cheap money has helped keep stock and bond prices elevated while suppressing corporate defaults. The credit fund, Anchorage Capital Partners, is suspending clients’ ability to get their money back as it is wound down, the New York firm told clients in a letter Wednesday that was viewed by The Wall Street Journal.
Rawpixel.com/Shutterstock.com
Bill Ackman’s SPARC Not Exactly Lighting A Fire Under SEC (Deal Breaker)
Bill Ackman and the Securities and Exchange Commission are in complete accord: Special-purpose acquisition companies are stupid. Ackman thinks he’s solved the problem by adding a letter to the acronym and inventing the SPARC—the special-purpose acquisition rights company. The SEC, already a bit wary of the SPARC concept and now very much ready to put an end to SPACs as we know them, isn’t so sure.
Hedge Funds Set to End 2021 with Inflows for First Time in Three Years (Reuters)
Dec 15 (Reuters) – Global hedge funds are poised to achieve positive inflows in 2021, for the first time in three years, data from Preqin shows, thanks to strong returns and an investor shift to alternative assets during a period of volatility and rising inflation.
Third Point’s VC Strategy (Institutional Investor)
The firm, which recently raised more money than it was anticipating for its first venture capital fund, has been on a private investment spree. Third Point has sharply ramped up its venture capital efforts.The hedge fund firm has already made 20 private investments this year, compared with just four in all of 2020. This is not surprising, given that in September, Third Point closed on its first venture capital fund, Third Point Venture Fund…
