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King Street Closes $2.3 Billion Global Drawdown Fund II Above Target

King Street Capital Management, L.P. (“King Street”), a leading global investment firm, today announced the final close of its Global Drawdown Fund II (“GDF II” or “the Fund”) with $2.3 billion of capital commitments, exceeding its $2 billion target. GDF II is King Street’s second global drawdown vehicle and targets opportunities across distressed and stressed corporate debt, structured products, asset-backed credit, and claims. The Fund received significant interest from a combination of new and existing global investors, with 80% re-upping their commitments from the firm’s predecessor vehicle, GDF I. The Fund leverages King Street’s integrated global platform, extensive network, and deal flow relationships to identify less liquid, longer-duration opportunities arising from dislocations in the credit markets…

Boaz Weinstein Bid Would Subsume Sculptor Into His Own Firm

Boaz Weinstein made his name trading in esoteric corners of the credit markets. But his most audacious bet yet may be trying to catapult his hedge fund firm into the ranks of the industry’s largest players. To do that, the 50-year-old head of Saba Capital Management is attempting to buy his way to the top. He’s bidding — with a group of billionaire pals including Bill Ackman, Marc Lasry and Jeff Yass — for Sculptor Capital Management Inc., a beleaguered publicly traded money manager he aims to subsume into his $4 billion firm…

Ex-Deutsche Duo Team Up to Launch Distressed Debt Hedge Fund

Distressed debt specialist Michael Sutton is teaming up with a former Deutsche Bank AG colleague for one of the biggest European hedge fund launches of the year. Sutton, who spent nearly two decades at the German bank, is joining Alex Mahler’s Alinor Capital Management, according to filings at the UK’s corporate registry. The fund is likely to launch with at least $500 million in assets, according to people familiar with the matter, who asked not to be identified discussing private information…

Hedge fund Eisler Capital’s new array of London exits

Eisler Capital, the hedge fund founded by ex-Goldman Sachs partner and macro trader Ed Eisler, which boasts another ex-Goldman Sachs partner and strat, Sam Wisnia, as deputy CIO, is still leaking people. It’s hiring too, but as far as we can discern, the exits may exceed the entrances. Eisler declined to comment for this article, but sources say at least 12 people have left the fund in London in the past six months. Most were in London.

Andurand Adds to Oil Wagers as Hedge Fund Losses Shrink to 15%

Oil trader Pierre Andurand is riding a resurgence in crude prices to stage a comeback from the worst-ever run for his hedge fund as his bullish wagers on the commodity start to pay off. His main Andurand Commodities Discretionary Enhanced fund has made money over the past two months and cut year-to-date losses through Sept. 16 to 15%, according to people with knowledge of the matter, who asked not to be identified because the details are private. The fund was down more than 50% earlier in the year, before curbing losses to 35% after a strong July…

Hedge Fund Boom Turns Into Hangover on Brazil Rate Surge

Hedge-fund fever was exploding in Brazil. With interest rates at historic lows and the wealthy clamoring for new ways to mint money, traders were leaving banks in droves to set up their own shops along the beach in Rio de Janeiro and in fashionable Sao Paulo neighborhoods. At its zenith during the pandemic, so much money was flying…

Short Sellers Mount Attack on ESG Stocks Bloated From Green Hype

Hedge fund managers are piling into short positions in ESG stocks as they hunt for bogus green claims and valuations inflated by record stimulus. Bloated prices can be found “all over ESG,” according to Soren Aandahl, the founder and chief investment officer of Texas-based Blue Orca Capital LLC. He says he didn’t set out to target ESG but, here and now, the “great shorts just happen to be in the ESG space…”

The Hedge Fund That Made a Killing Betting Against Lina Khan

The efforts by Federal Trade Commission Chair Lina Khan to protect Main Street are inadvertently enriching some on Wall Street, generating outsize profits for Pentwater Capital Management and other large hedge funds that bet on merger deals…

US venture firm GGV Capital to separate China business

U.S. venture capital firm GGV Capital said on Thursday it plans to split its business into two, with one focused on Asia and the other on the United States, as political pressure mounts on American companies to limit investments in Chinese technology…

Hedge Fund Manager Jampel Stops Shorting Fossil Fuel Stocks

A hedge fund manager who made a name for himself shorting fossil fuel stocks says the strategy is no longer viable, as oil’s ascent proves too strong to fight. James Jampel, the founder of Boston-based HITE Hedge Asset Management, said he still believes oil will lose steam in the longer term. But thanks in large part to the geopolitics of oil, that moment is further away than he once imagined and shorting fossil fuel producers has become untenable, he said…

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