Hedge Funds

Pirate prepares to soft-close fund

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Pirate Capital, the $1.7 billion activist shop, has told investors that it will soft close all funds once it reaches $2 billion in assets.

The close will allow the many clients of the Norwalk, Conn., firm to increase allocations while limiting contributions to new investors. The firm's existing investor base includes 250 entities in 26 countries.

Pirate has experienced massive asset growth in the past four years, having increased to its present size from a mere $2 million in July 2002.

"Our investment philosophy has always been to focus on returns and not AUM. In terms of raising capital for