|Two multi-billion hedge funds, Joho Capital ($5B) and Scout Capital Management ($6.7B), announced recently that they are closing down. |
Joho Capital’s closing is especially surprising, as the firm reportedly gained 30% last year, returning 20% annually since its launch. According to the Wall Street Journal, Joho’s founder was worn out by his travel schedule. Joho Capital was a big investor in the TMT space, having claimed the #17 spot on the latest Top 50 Technology, Media and Telecom Hedge Funds list.
Scout Capital Management also reportedly had a strong 2013, with its largest fund returning 21%. Scout was founded by Adam Weiss and James Crichton in 1999.