Clients controlling more than $4bn (-2.8bn) of the $7.7bn in assets in the Cerberus Partners hedge funds have put in redemption requests, instead of investing in a new fund of Stephen Feinberg’s firm, according to a report in The Wall Street Journal.
Clients controlling more than $4bn (€2.8bn) of the $7.7bn in assets in the Cerberus Partners hedge funds have put in redemption requests, instead of investing in a new fund of Stephen Feinberg’s firm, according to a report in The Wall Street Journal.
The tally, which was current as of Friday and could still change, was said to have been shared with investors this week in personal calls made by Feinberg. It is believed that the liquidation exercise, which will be undertaken in a gradual manner, will see the investors paying a minimal “administrative fee” – not the typical management fee running 2% of assets for most hedge funds, as per the WSJ report.
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