Duff Capital Advisors, the multi-manager hedge fund platform launched by Phil Duff last year, has had to lay off about 80% of its 100-person staff after the financial crisis dramatically curtailed its expected fundraising. The firm had also cut some staff in October.
The Greenwich, Conn., firm reportedly came close to securing $1 billion in financing in September, but the deal fell through when the markets cratered. Duff did secure a $500 million commitment from private equity firm Lindsay Goldberg, but has only received $100 million of that sum so far.
Duff was a cofounder of hedge fund seeding