Hedge Funds

Are SEC rules behind lock-up flurry?

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Early last month, Louis Bacon's Moore Capital told investors that it is reopening its closed funds to new investment - but only on condition that investors agree to a three-year lock-up. Scott Bommer's SAB Capital also said it, too, is reopening for two-year money. Tom Sandell's Castlerigg is accepting replacements for redemptions just so long as the new investors agree to a two-year lock-up, and York Capital placed a two-year lock-up on capital going into its multi-strategy fund.

This new flurry of openings from previously closed funds has been welcomed, but investors are concerned