Hedge Funds

Brownstone hits $500 million, offers monthly liquidity


The firm, which had offered quarterly liquidity upon 45 days' notice, is now offering monthly liquidity, also upon 45 days' notice, with a 3% penalty

Oren Cohen and Douglas Lowey 

Brownstone Asset Management is enjoying a couple of milestones: The firm recently passed its five-year anniversary and today announced that it has reached $500 million in assets. The flagship Brownstone Partners Catalyst fund, which operates a long/short credit strategy, gained 4.63% through August, continuing the steady performance that earned it acclaim in 2008 -- up 7% in a year that destroyed many of its competitors.

Brownstone also notified investors in August that it was loosening its investments terms, shifting from an initial one-year hard lockup to a one-year soft lockup which