New York (HedgeCo.Net) – 33 hedge funds raised $10.4 billion in the first half of the year, Absolute Return reports, that’s half of the amount raised in the first half of 2008.
Some key points include:
· Half of the total came from a single launch from Renaissance Technologies, which slashed its fees to 1%/10% for the occasion. Second biggest was Todd Kantor’s Encompass, followed by 29-year-old wunderkind Jennifer Fan’s Arbalet Capital.
· A number of prominent launches from veterans of such firms as Barclays, Goldman, Citadel struggled to raise almost any money beyond what they obtained via seed deals.
· Former FrontPoint Partners stud Steve Eisman barely broke $50 million.
· Several big names, including David Greenspan (formerly of Blue Ridge) and Jonathan Lennon (formerly of JAT) are now waiting until 2013 to get off the ground.
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