The launch of Dan Loeb's permanent capital vehicle looks to have been poorly timed, with performance down and no mechanism to limit the shares from trading at a discount
By Eric Baum
Dan Loeb's Third Point Management may have picked the wrong time to be a pioneer. Not only did the initial public offering of his hedge fund fall short of its fundraising target; shares have also declined more than 10% since trading began on July 20. Loeb, who loves to attack corporate chieftains for their abuse of investors, now has to take some of his own medicine. As it turns out, aspects of Loeb's fund structure are much less investor friendly than some of its European peers.
Third Point Offshore Investors Limited was launched on the London Stock Exchange with $525 million in separate dollar, euro and sterling share classes. Shares in Third Point, the second-largest such listing on...