Hedge Fund Fire Sale: SAC Capital, Cerberus, Avenue Capital and Elliot Intl selling at Discounts

August 21st, 2012
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The continued underperformance of hedge funds is driving an increasing number of investors to offer their partnership interests at steep discounts on the secondary market. According to the New York Post, secondary trading in hedge fund interests is expected to double again in 2012 as year-to-date hedge fund returns continue to trail the S&P 500 3.27 percent to 9.68 percent.

Investors are showing no reluctance to part ways with some of the high profile hedge fund managers, such as Steven Cohen of SAC Capital Advisors LP (40 percent discount), Stephen Feinberg of Cerberus Capital (20 percent discount), Marc Lasry of Avenue Capital (45 percent discount) and Paul Singer of Elliot International (25 percent discount). Conversely, some hedge funds are attracting premium bids on the secondary market, such as Oculus Capital and Greenlight Capital.
For Detailed Investor Profiles on these Investors, click below:
Avenue Capital Group
Elliott Management Corporation
Greenlight Capital
Point72 Asset Management (SAC Capital)
Related People: ; Douglas Haynes (President); Brian Miller*; Bruce Gutkin; Chandler Bocklage*; David Einhorn; Ed Gellert; Gordon Singer; Harry Brandler; James Lin; Jeffrey A. Keswin*; Jon Ford; Jon Pollock; Malcolm Robinson; Marc Lasry; Matthew Kimble; Michael Elkins; Nelson Heumann; Paul Singer; Peter Nussbaum*; Raul Ramirez; Richard Furst; Rob Symington; Shawn Foley; Sol Kumin*; Sonia Gardner; Steven A. Cohen; Ted Orenstein*; Tom Conheeney*; Vinit Sethi
Related Entities: Amroc Investments; Avenue Capital Group; Avenue Capital Management; Avenue Capital Real Estate; Avenue CLO Fund; Avenue International LTD; Avenue Special Situations; Avenue US Strategy; Canvas Capital*; CR Intrinsic Investors*; Cubist Systematic Strategies; DME Advisors LP; Elliott Associates; Elliott International; Elliott Management Corp; EverPoint Asset Management; Greenlight Capital Inc; Greenlight Masters LLC; Greenlight Private Equity Partners; S.A.C. Global Investors; SAC Meridian; SAC MultiQuant; Sigma Capital Mgmt; Walter Capital*
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News

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