Fir Tree propels past $10 billion on activism, credit profits

By Rob Copeland

Mon Aug 5, 2013

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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%...

ISSN: 2151-1845 / CDC10004H

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