Gendell’s Tontine Partners Raises Money For New Hedge Fund – Jeffrey Gendell of Tontine Partners LP, who is closing two of his hedge funds after steep losses, has raised money for his new Tontine Total Return Fund, according to regulatory filings.

The Tontine Total Return fund, which Gendell said would be launched in February, has received $11 million from investors, according to a May 21 filing with the Securities and Exchange Commission. A separate filing shows the overseas version of the fund has raised $1.6 million. A Tontine spokesman declined to comment.

Gendell last year began to shut down his Tontine Capital Partners LP Fund and flagship Tontine Partners Fund, after heavy losses. That was after his flagship fund had averaged annual returns of about 39% from 1997 to 2007.

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