Pickens Reportedly Looking To Raise More Funds After A 79% Gain
More News related to Insiders' Blog
- Sign of the Times: U.S. Mint Has To Temporarily Suspend Sales of One Ounce Gold Coins Due to Demand
- Central Banks Continue Snapping Up Gold, Sri Lanka Buys 10 Metric Tons From IMF
- Holiday Retail Match-Up: Wal-Mart vs. Amazon... Who Will Come Out on Top?
- Research Firm Questions Surge In Origin Agritech (SEED)
- Starbucks (SBUX) Bets Big On China
T. Boone Pickens, the billionaire energy investor, who took a large hit in 2008, appears to be redeeming himself in 2009. Bloomberg reported that Pickens hedge funds rose by as much as 79% in 2009, and he's using the momentum to now raise more assets for his funds.
Pickens met with potential investors in New York over the past two weeks, according to Bloomberg and other sources. BP Capital LLC is looking to grow its Energy Equity Fund II, which invests in stocks and futures, and Energy Fund II, which trades futures only. These are follow-on versions of funds that Pickens closed to new investors.
BP Capital, which manages about $500 million, had more than $4 billion at the beginning of 2008 before the original Energy Fund fell 98% and first Energy Equity Fund lost 64%, according to the firm’s marketing documents. Oil fell 54% last year, tumbling from a record high of $147 a barrel. Pickens sold investments, and in October lifted restrictions on client withdrawals.
Stocks Mentioned
Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
