Launches & Closures Funds of Hedge Funds

Austin Capital winds down Safe Harbor


Austin Capital Management is dissolving its Safe Harbor Fund and plans to liquidate the fund's assets following the firm's investment in Rye Select Broad Market, a Madoff feeder fund.

The firm was terminated by Massachusetts Pension Reserve Investment Management board after the Madoff investments came to light in the $170 million mandate the firm had with PRIM. Austin was also sued by the $295 million Pension Fund for Hospital and Health Care Employees. According to that lawsuit, Austin had $184 million in Madoff-related securities.

The Construction Industry and Laborers' Joint Pension Trust and Plumbers and Pipefitters Union Local 525 pension