Fund launches & closures Hedge Funds

Sky-high fees for $2B+ PDT mega-launch hearken back to happier times for hedge funds

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Peter Muller's obsessively secretive quantitative firm reels 'em in despite fees 50% higher than average.

 
  Peter Muller at the 2008 Absolute Return Symposium

For the chance to invest in Peter Muller's new PDT Partners hedge fund, all you need is $10 million and a tolerance for unusually high fees. And a time machine.

PDT Partners, which was spun out of Morgan Stanley this year, has already closed its flagship quantitative strategy to new capital after raising $1.5 billion, according to potential investors and industry executives who have met with the firm. The capital has flowed in despite