Boston Globe – People are finally done throwing money at former Harvard Management chief Jack Meyer and his investment team.
Well, nearly done. Meyer, who became famous in the investment world for stellar results managing Harvard University’s $25.9 billion endowment over 15 years, is about to stop raising money and start running it at his new hedge-fund firm, Convexity Capital Management.
A client roster believed to be dominated by endowments and other institutions is throwing a record $6 billion at Convexity. (The previous mark for biggest new fund, set in 2004, was $3.5 billion.) Convexity’s minimum investment is said to be $25 million.
Meyer probably could have raised even more, according to people who have followed the firm. It had capped the new fund at $6 billion, about the same amount Meyer and his colleagues have managed for Harvard on an interim basis since they resigned last year. One of the firm’s big new clients: Harvard’s endowment, which promised to give Meyer’s firm $500 million to manage when he opened.
