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
ISSN: 2151-1845 / CDC10004H
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