Hedge Funds

Carlson Capital reverses its fortunes


What a difference a couple of years make.

Carlson Capital has closed its flagship Double Black Diamond multistrategy hedge fund after a successful marketing campaign buoyed its assets to $2 billion.

The fund’s hard close took effect on April 1, giving it time to digest $650 million of new assets brought in between October 2006 and March.

The 13-year-old Dallas-based firm founded by Clint Carlson now runs a total of $3.3 billion – a figure far from its peak of $4.7 billion at the end of 2004.

But its recent fundraising is a striking turnabout from 2005, when investors