Hedge Funds

Trafelet Delta trims lockups after rebound


Remy Trafelet's Trafelet Delta Funds has reduced its lockups to one year from two and added a so-called key-man clause to its terms.

Remy Trafelet

The changes come following a vigorous rebound this year after the firm struggled to stay out of the red in 2006.

The $5.7 billion New York-based firm's flagship, Delta Institutional, gained 4.73% in May and is up 15.37% this year, a sharp improvement from the fund's 1.94% yearend performance. The firm's newer fund, a best-ideas vehicle dubbed Delta US Partners, rose 16.79% this year through May after falling 3.29% in