The return of the mega launch

By Katrina Dean Allen

Fri Jul 1, 2011

Some 29 new American hedge funds garnered $10.3 billion for the first half of the year, but nearly half that came from a single blockbuster launch

With the $5 billion launch of Duquesne Capital Management spinout PointState Capital in January, it would appear that the überlaunch is back.

The macro-focused PointState, headed by Sean Cullinan, is the largest hedge fund launch since Goldman Sachs Asset Management amassed $8.1 billion for two new strategies in 2008. But none of Cullinan’s colleagues could match his fundraising success—total assets raised by new American hedge funds for the first half of 2011 clocked in at $10.3 billion, slightly less than the $10.9 billion garnered by new funds over the same period in 2010.

The number of new funds is also smaller than it was for the same period last year. Only 29 new hedge funds met AR’s criteria for inclusion in its semiannual new funds survey, which tracks both start-ups and new strategies from existing managers able to attract a minimum of $25 million in...

ISSN: 2151-1845 / CDC10004H

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