Launches & Closures

The return of the mega launch


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