Richard Hurowitz cites market dynamics in the decision to close his six-year-old firm.
Richard Hurowitz (Photo: Billy Farrell Agency)
Founded in 2006 with a $100 million seed from Reservoir Capital Group, Octavian managed $1.37 billion in midyear 2008, which had fallen to about $885 million as of January 31, according to regulatory filings. Redemptions and poor performance in the past year have hurt; the flagship fund fell more than 11% this year through August, according to people familiar with the New York firm's returns.
"Despite recent unsatisfactory performance, we still have a high degree