Pine River Is Closing Its Master Fund After a Plunge in Assets

(Bloomberg) Pine River Capital Management is closing its master fund after a wave of client withdrawals that would bring assets below $300 million, according to people with knowledge of the matter. The fund, which started in 2002, had about $1 billion in assets prior to the latest redemption schedule. Because the withdrawals would cause the portion of illiquid assets to increase relative to the overall fund, the managers discussed placing those investments in a segregated account called a side pocket, said the people, who asked not to be named because the matter is private. Investors approved of that plan but the firm’s managers ultimately decided instead to close.

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