Although his dream of building the world’s largest wind farm may have faded temporarily, not all is lost for oil mogul and hedge fund investor T. Boone Pickens. After posting a 79% return year to date in his BP Capital Energy Fund II and a 14% return year to date in his Energy Equity Fund II, Pickens’ commodity-focused BP Capital LLC is looking to increase investable capital in the two funds from its current $500 million in assets under management.
In an announcement made only weeks after suspending his alternative energy project due to unusually low natural gas prices, Pickens believes there may be ample opportunity for value given the current market environment. With commodity prices finally stabilizing, Pickens may look to enter back into positions he was forced to sell out of at the end of 2008.
As reported earlier this month, Ospraie Management, another top commodity investor, successfully raised $100 million for two new funds. Like BP Capital, Ospraie also had a troubled 2008, as it was forced to close down its commodity focused flagship fund. Additionally in May 2009, Ospraie founding partner Andrew Suckling announced that he was co-founding his own commodity hedge fund, the Verulam Resources Fund.
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