HedgeCo.Net (New York) – Pirate Capital LLC, the activist hedge fund manager, is planning to soft-close its funds once the firm’s assets under management reach $2bn, thefirm had an AUM of $1.7bn, as of July 31, 2006, and it is expected that the firm will reach the $2bn mark within the next one to two months.
The close is intended to give existing investors an opportunity to increase their investments in the funds. The close will also allow the firm to control overall growth by limiting contributions from new investors.
The funds are expected to re-open to new investors shortly after the short-closing. With subscriptions from more than 250 entities based in 26 countries, the firm has grown significantly since its inception. On July 1, 2002, Pirate Capital was started with an AUM of just $2MM.
Pirate Capital serves as the investment advisor to four event-driven hedge funds: Jolly Roger Fund LP, Jolly Roger Offshore Fund LTD, Jolly Roger Activist Fund LP, and Jolly Roger Activist Fund LTD. Pirate Capital is registered with the Securities and Exchange Commission as an investment advisor under the Investment Advisers Act of 1940.
Alex Akesson
Contributing Writer
HedgeCo.Net
Email: Editor@hedgeco.net
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