Launches & Closures Hedge Funds

Intrepid Capital Management to return outside capital, retain flagship funds


Founder Steve Shapiro is returning capital, but will continue to manage the firm's flagship funds for his family and select investors.

Intrepid Capital Management informed clients on Tuesday that the firm would be shutting down its funds, except the flagship, and returning all outside capital. Here is the text of that letter, from founder Steve Shapiro, which AR obtained from an investor. Intrepid once managed $2.6 billion, but assets had fallen beneath $300 million as of April 2009 (for background on the firm's decline, see Intrepid Capital sinking, with assets down 89%). The firm, which was initially started as a $25 million managed account for George Soros, was launched by Shapiro, an alumnus of Julian Robertson's