Hedge Funds

Owl Creek to close flagship, open new fund


New York-based Owl Creek Asset Management is preparing to close its $1.3 billion event-driven, value-oriented flagship fund to new investors. At the same time, Owl Creek has launched a socially responsible version of the four-year-old strategy.

The closure is aimed at allowing Owl Creek founder Jeffery Altman to reassess the firm's plans for the future, as well as ensuring that Owl Creek will remain nimble within its investment strategy. To date, its flagship has netted an annualized return of about 21%, with slightly more than half of those gains coming from distressed debt investments and the rest from