Silver Point, Citadel Greenlight Capital and Perry Capital struggle to reach high water marks
|August 23rd, 2009||
|Despite a promising start to 2009 for hedge funds following last year’s crisis, many top hedge funds are still fighting to reach their high water mark. According to recent Institutional Investor Magazine article, Silver Point Capital, which manages $6.5 billion, was up 13.6% through June of 2009, but still hasn’t reached its high water mark. Citadel Investment Group’s $10 billion Wellington fund is up 44%, but still has a long way to go before making up for last year’s losses of 54.9%. Like many other funds in similar situations, Citadel has launched new funds which are collecting normal performance fees while waiting for the Wellington fund to recuperate. |
Greenlight Capital’s main fund is up 16.3% this year but hasn’t reached its high water mark yet after last year’s 22.7% drop. Greenlight, like Perry Capital has renegotiated with investors to collect some performance fee (10% for Greenlight) despite being under water. Still others like $14 billion SAC Capital Advisors are already above water. SAC is up about 20% this year after ending 2008 down 16%.
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