Tech Investor Glade Brook to Shut Hedge Fund, Favors Narrower Bets

(Reuters) Glade Brook Capital Partners LLC is shutting its original hedge fund in favor of a new series of vehicles focused on big bets in public securities, it said in a letter to investors on Tuesday.The change comes as the hedge fund has lost about 8 percent so far this year, after an average annual gain of about 8 percent since inception in 2011. The fund’s assets peaked at about $900 million in 2014, but have declined as the firm has increasingly focused on private companies.

Glade Brook’s new funds will focus on a very small number of investments in publicly traded companies, an unusual approach among hedge funds, which tend bet on a wide range of securities, a source familiar with the situation said.

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