Hedge Funds

Farallon adds international fund, adjusts old fund fees


Tom Steyer's Farallon Capital Management has opened a new fund for its international investors that will let them share in the profits of the firm's less liquid, but potentially higher-return assets such as private equity and real estate.

The new vehicle, called Farallon Capital Offshore Investors II, will provide the same annual liquidity as Farallon's flagship onshore fund and charge the same fees of 1% of assets and 20% of profits.

The new fund is open only to investors in the existing offshore fund, Farallon Capital Offshore; they are being given the option of