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Current news for this fund:


Pursuit Capital Partners - fixed income

2008-03-22

Count of distinct funds: 1
Capital base: $650M
Loss: ?

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stories: businessweek.com

News of redemptions suspensions and/or limitations at this fund comes from BusinessWeek (linked above), which says little more than:

Pursuit Capital, which invests mainly in debt backed by mortgages, corporate loans, and aircraft leases, earned 12% in 2007 and is up 1% since January. But early this year, nervous investors started asking for their money back. Rather than selling assets into a falling market, the managers decided to block redemptions to prevent a run on the bank. "They are doing it to protect investors," says Michael Burg, a lawyer for Pursuit.

If you know more and the latest, please drop us a line.

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Comments:

particlebeam at 18:32 2008-11-08 said:
Few comments on pursuit partners:

-Run by former Greenwich Capital bond salesman with no ABS credit analysis/trading experience -Ran an affiliated broker/dealer that provided marks to hedge fund, Pursuit -Lead investor, Fiduciary Asset Management run by Wayne Angell (a historical sales relationship of principals) redeemed in early 08 -No SEC registration and are having problems with certification of 07 audit

Case-in-point why we need SEC regulation of hedge funds. Permalink

Mariontdlewis at 22:11 2008-11-08 said:
Hedge funds are greed derivatives, by and large. If the current trajectory continues, though, it looks like most of them have flown too close to the sun.

By Marion TD Lewis, Esq. New York Permalink

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Important: This fund is on our list of hedge funds that are apparently ailing or which we think are worth watching for any other reason. Ailing funds haven't shut down, but they've suffered significant value declines and/or temporarily halted redemptions. Funds on watch may not even have unusual declines, but may be posted if it is felt there may be risk of developing a more serious condition eventually.