Fir Tree propels past $10 billion on activism, credit profits
By Rob Copeland
Mon Aug 5, 2013
Strong performance, Mexican activism fuel growth.
||Fir Tree founder Tannenbaum|
Fir Tree Partners is raking it in. The 20-year old firm founded by private equity veteran Jeffrey Tannenbaum pushed past the $10 billion mark this summer on the back of strong performance by its main hedge fund strategies, according to investor documents obtained by Absolute Return.
The flagship $7.2 billion multistrategy Fir Tree Value Fund is up 7.3% this year through June 30, following a 17.4% gain in 2012, nearly doubling the Absolute Return Multistrategy Index both times. Since its 1994 inception, the fund has produced a net annualized return of 12.5%.
Firmwide assets were at $10.3 billion as of July 1, up from $7.89 billion only one year earlier. The flagship multistrategy fund and a credit fund hold the majority of the firm's assets. Fir Tree also runs closed-end MBS and real estate funds that constitute about 15%...
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