TCI co-founder Patrick Degorce has produced a strong start with
his new Theleme Partners firm - with assets in the global
long/short equity fund heading towards the soft-close level of
$1.2 billion and with performance so far also bang in line with
target after 15 months.
The Theleme fund has a permanent hard-cap level for external
capital of $2 billion and assets are already at around $900
million. The firm's principals expect to soft-close in the next
quarter - and the remaining $800 million of capacity will then
be reserved solely for existing investors to scale up their
Performance has been sure-footed in a very volatile global
equity environment - with the fund annualising at around 15%
since its inception in December 2009, in line with its
long-term target of 15% net annual returns, earning a EuroHedge
Award nomination for its performance in 2010.
Much of the money...