Hedge Funds

Virginia firm shutters first and only fund


LucidQ Investment has closed its first and only investment portfolio, LucidQ Hedge Fund.

The McLean, Va., firm launched the strategy on May 1, 2006, but by yearend had failed to attract more than $10 million.

Mitch Ackles, a spokesman, said LucidQ is shutting down because institutional investors are increasingly reluctant to invest with smaller funds. "It used to be two years and $20 million," Ackles said, referring to the required minimum track record and assets under management. "Now the minimum is $100 million before [institutional investors] will seriously look," he said.

The fund, which used a quantitative ranking