Farallon's Flagship Fund Plummets 23.8%
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Through October, Farallon's flagship fund has plummeted 23.8%, forcing the fund to sell stocks at discounted prices, in order to meet the expected redemptions. Farallon Capital Management LLC's loss in its largest fund will likely give Farallon its first annual loss in 22 years.
Farallon manages $30 billion has been forced to sell stocks to meet expected clients withdrawals and its flagship fund increased its cash holdings by 30%.
On another note, Farallon told 6 outside hedge-funds that manage money on Farallon's behalf that it would take back about $150 million in capital. The managers, who ran about $650 million for Farallon at the start of the year, have posted returns between zero% and a loss of 40% this year.
Farallon, founded by Thomas Steyer, invests in assets from stocks to distressed debt and real estate.
Farallon manages $30 billion has been forced to sell stocks to meet expected clients withdrawals and its flagship fund increased its cash holdings by 30%.
On another note, Farallon told 6 outside hedge-funds that manage money on Farallon's behalf that it would take back about $150 million in capital. The managers, who ran about $650 million for Farallon at the start of the year, have posted returns between zero% and a loss of 40% this year.
Farallon, founded by Thomas Steyer, invests in assets from stocks to distressed debt and real estate.
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