Maybe the hedge fund business is not so bad off after all. Or perhaps the management of some of the larger funds see the current turmoil in the markets as a way to pick up some undervalued assets.
According to the FT, $30 billion hedge fund Renaissance is thinking of selling a piece of itself through a private placement The FT reports that "the possible move by Renaissance, which manages mainly quantitative funds that make big bets on scores of different securities and currencies, comes in spite of recent conditions that have dented returns at many funds, including Renaissance."
Net net, it is good news for hedge funds it Renaissance can bring in money With shares in Blackstone (BX) down and KKR’s potential IPO delayed, any stake sold in a big firm would be an indication that the world had not gone to hell in hand basket.
Douglas A. McIntyre
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