Billionaire Ken Griffin's Citadel is planning to give back about $7 billion in profits to investors after a year of double-digit returns, a source familiar with the matter said on Tuesday. Its flagship multi-strategy Wellington fund returned 14.8% this year through November, a second source said. Citadel declined to comment on the matter. Last year, Citadel also returned roughly $7 billion in profits to its investors after posting gains of over 30%. Griffin's firm usually hands back money to clients as a way to keep its size compatible with the investment opportunities it sees on the horizon. Citadel, which will start 2024 with $58 billion in assets under management, has outperformed many of its peers in recent year. Israel Englander's Millennium Management is up 9.7% in the first nine months of 2023, one of the sources said. The hedge fund declined to comment on the matter. The WSJ first reported on the money returned to investor earlier this morning. On Tuesday, Griffin, the world's most successful hedge fund manager in terms of earnings, announced he and billionaire David Geffen donated $400 million to the Memorial Sloan Kettering Cancer Center. Griffin has donated over $2 billion to charity during his lifetime, to causes from education to COVID-19 vaccines. Link: https://lnkd.in/e9VCbZin My take: When the world's richest hedge fund manager returns capital to investors, you know they're preparing for tough times ahead.
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About George Soros George Soros HonFBA (born Gyorgy Schwartz on August 12, 1930. is a Hungarian-American billionaire hedge fund manager and philanthropist. As of October 2023, he had a net worth of US$6.7 billion, having donated more than $32 billion to the Open Society Foundations, of which $15 billion has already been distributed, representing 64% of his original fortune. Forbes called Soros the "most generous giver" (in terms of percentage of net worth). He is a resident of New York. Born in Budapest to a non-observant Jewish family, Soros survived the Nazi occupation of Hungary and moved to the United Kingdom in 1947. He studied at the London School of Economics and was awarded a BSc in philosophy in 1951, and then a Master of Science degree, also in philosophy, in 1954. Soros started his career working in British and American merchant banks, before setting up his first hedge fund, Double Eagle, in 1969. Profits from this fund provided the seed money for Soros Fund Management, his second hedge fund, in 1970. Double Eagle was renamed Quantum Fund and was the principal firm Soros advised. At its founding, Quantum Fund had $12 million in assets under management, and as of 2011 it had $25 billion, the majority of Soros's overall net worth. Soros is known as "The Man Who Broke the Bank of England" as a result of his short sale of US$10 billion worth of pounds sterling, which made him a profit of $1 billion, during the 1992 Black Wednesday UK currency crisis. Based on his early studies of philosophy, Soros formulated the General Theory of Reflexivity for capital markets, to provide insights into asset bubbles and fundamental/market value of securities, as well as value discrepancies used for shorting and swapping stocks. Soros supports progressive and liberal political causes, to which he dispenses donations through the Open Society Foundations. Between 1979 and 2011, he donated more than $11 billion to various philanthropic causes; by 2017, his donations "on civil initiatives to reduce poverty and increase transparency, and on scholarships and universities around the world" totaled $12 billion. Soros's extensive funding of political causes has made him a "bugaboo of European nationalists". Numerous far-right theorists have promoted false claims that characterize Soros as a dangerous "puppet master" behind alleged global plots. Criticisms of Soros, who is of Jewish descent, have often been called antisemitic. In 2018, The New York Times reported that "conspiracy theories about him have gone mainstream, to nearly every corner of the Republican Party". Aside from his financial activities, Soros is also a prominent philanthropist. OSF operates in over 120 countries and supports a wide range of initiatives, including education, public health, and civil society development. #Lpucareerplanning
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About one year after the successful launch of their long/short equity fund Protean Select, Pontus Dackmo and Carl Gustafsson introduced a long-only equity fund targeting the same small- and mid-cap universe. Despite being operational for only nine months in a challenging market for smaller-sized stocks, the outperformance and agile, “skin-in-the-game” approach of Protean Small Cap have attracted the interest of family office investors. Following several months of due diligence, the fund has welcomed a significant international single-family office as an investor. “We are happy to see such a vote of confidence only nine months after the inception of Protean Small Cap,” says Carl Gustafsson, who is responsible for managing Protean Small Cap at Protean Funds Scandinavia AB. “It is encouraging to see our belief that a nimble and versatile fund can produce strong returns is shared by an established institution.” Launched in June 2023, Protean Small Cap has delivered a cumulative return of 15.9 percent through the end of February this year, outperforming its benchmark index by 9.8 percent. The long-only small-cap-focused fund adheres to the same philosophy as Protean’s flagship hedge fund, Protean Select.
First Non-Swedish Family Office Investment for Protean Small Cap - HedgeNordic
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Building Peek - your AI-powered personal CFO (beta testers welcomed: peek.money) | ex-Google ex-Amazon
If you invested in his fund in1988, for every dollar you put in - you'd have $14 Million today! Much ink has been spilled in tribute to the late Jim Simons - the most profitable hedge fund manager in history. But I wanted to focus on four lesser-known lessons, from the highs and lows in his journey as an investor, and entrepreneur: 𝟭) 𝗠𝗼𝗻𝗲𝘆 𝗯𝘂𝘆𝘀 𝗳𝗿𝗲𝗲𝗱𝗼𝗺 Simons was driven by the desire for the freedom that money could buy. I trace how getting fired from his very first job, and his fines for smoking indoors that give us some clues about Simons' motivations. 𝟮) 𝗧𝗵𝗲 𝘃𝗮𝗹𝘂𝗲 𝗼𝗳 𝘀𝗶𝗱𝗲 𝗵𝘂𝘀𝘁𝗹𝗲𝘀 Few people know that Simons had various side hustles throughout his life. He tried his hand at trading soybean futures with his wedding gift, and even took a year off to become a co-founder of a tile factory in Colombia with a college roommate. 𝟯) 𝗗𝗮𝗿𝗲 𝘁𝗼 𝗿𝗲𝗮𝘀𝗼𝗻 Most people default to hearsay, or advice instead of reasoning from first principles. Not Jim Simons. Simons was an outsider, who invented an entirely new approach to investing using quantitative models. He hired people outside of the industry, and also ran his fund very differently from the rest of Wall Street. 𝟰) 𝗖𝗼𝗺𝗽𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝘁𝗮𝗸𝗲𝘀 𝘁𝗶𝗺𝗲 The thing about compounding is that nothing seems to be happening for a very long time. This is true both in investing and in life. “I was an overnight success all right, but thirty years is a long, long night.”, quipped Ray Kroc in his autobiography, Grinding It Out: The Making of McDonald's. Jim Simons' journey was no different. I detail some of the ardous challenges he faced, like false starts, and falling-outs with partners. It took about 30 years for Simons to turn his idea into the most successful hedge fund in history. Curious to know more? Read my blog article below (link in the comments) 👇
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Investment & Wealth Advisor at RBC DS | Investment Management | Financial Planning | Retirement Planning | Will & Estate Planning | Helping Busy Professionals, Business Owners & Retirees Maximize their Financial Lives
Jim Simons: 1938-2024 If you have any interest in investing, you have to know who Jim Simons was... Jim Simons was the architect of the greatest investment fund of ALL TIME. He was a math professor who conquered Wall Street with a ridiculous level of consistency over a long term period of time. In 1978, Jim left his role as a math professor to start a hedge fund. He then hired a bunch of like-minded mathematicians away from academia, and together, they created the hedge fund, Renaissance Technologies. Their flagship fund, the Medallion Fund, returned a ridiculous 62% gross return per year and 37% net return (after fees) per year from 1988 to 2021! 😱 During that time, $1 invested in the S&P 500 would have grown to be $40. If invested in his fund, that $1 would have grown to be $42,000 net of fees. How did they do it? 🤔 The strategy was to find individual patterns in data and exploit each pattern just enough to turn a small profit. The average holding period of a trade was hours, not years. When you added up all these small profits, the returns were immense. Check out the table below for the Medallion Fund's ridiculous track record. When the S&P 500 was down 40% in 2000, they generated a return of 99% net of fees. When the S&P 500 was down 50% in 2008, they generated a return of 83% net of fees. This seems like a joke, but its real. 😱 I am very conscious of getting my clients the lowest possible fee for the best possible strategy, and with good reason. But here was Jim, charging fees of 20%, 30%, and 40% in some years...and delivering immense value above and beyond that fee. Unbelievable. You may be wondering how you can invest in the Medallion Fund. Not possible. They closed their doors to outside investors in 1993. 🔒 ➡ My favorite thing about Jim Simons? Jim was a great mathematician, but he wasn't anywhere close to the best. He looked around at his peers in academia, and he knew he wasn't the smartest in the room. However, his "smarter" peers followed him to Renaissance Technologies, and they would have followed him through a brick wall. Why? Because he had the qualitative leadership traits that many of his mathematician peers lacked. In a field where you are rewarded for your book smarts, he was idolized by his peers for his street smarts. Great leaders don't bend to their environment, they shape it. 💯
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Have you heard about Ray Dalio, the hedge fund universe’s OG? 💼 🔊 Let me tell you his captivating tale today. Ray Dalio is the financial maestro who spun his humble two-bedroom pad in NYC into the powerhouse hedge fund, Bridgewater Associates, right from 1975! 🏙️ Hailing from the vibrant borough of Queens, New York, Dalio kickstarted his finance odyssey at a tender age – a spry 12-year-old who dipped his toes into the investment world, 🌊 scoring big by tripling his money in Northeast Airlines shares! 🧒💰 A titan in macro investing, Dalio's forte lies in deciphering macroeconomic trends to spot golden investment opportunities and tame risk. Yet, his journey wasn't a smooth sail. 🚣 After foreseeing a US economic crash post-Mexico's debt crisis, Dalio took some investment calls that went terribly wrong! 📛 Bridgewater took a massive hit, leading to the axing 🪓 of nearly half its workforce. This stumble was Dalio's pivotal lesson in the essence of diversification for risk control. 🎮 But Dalio's not one to be deterred by setbacks; he's all about turning adversity into innovation. He blazed trails by pioneering "risk parity," a strategy that juggles risks by diversifying across unrelated asset classes. 🌐💹 Beyond his professional triumphs, Dalio is a beacon for budding entrepreneurs who start with little capital. He's counselled some of the planet's wealthiest on financial matters! 💼🌟 Did you know that Dalio's investment journey began by caddying for Wall Street bigwigs? ⛳ Or that his first post-college gig was at the New York Stock Exchange? Talk about humble beginnings! 🏌️♂️📈 And for the fans of personality tests, here's a treat: Dalio's Bridgewater boasts a unique corporate culture, including a quirky personality test for all employees to take! 🧠📝 So, whether you're dreaming of entrepreneurial feats or diving into the world of investments, Ray Dalio's story offers a treasure trove of lessons. 🔤 From a cozy two-bedroom setup to scaling the Everest of finance, Dalio's journey epitomizes resilience, innovation, and, of course, the magic of diversification! 🚀🌟 . . . #invest #investmentinsights #investing #investmentstrategy #personalfinance #macroeconomics #riskmanagement Before this post is here, it is published in The 1% Club!
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CEO @ Medical Funding Professionals, a Registered Investment Advisory Firm - Capital planning for Reg A+, Reg D (506c & 506b), State 504, S-1 for IPO's, VC, Private Equity, Hedge Funds, Family Offices
Expectations of Jain’s fundraising target has steadily, if quietly, shrunk from $10 billion to perhaps half that, and has been struggling to hire more star traders before its July launch, according to people familiar with the matter. Investors pulled more than $100 billion out of hedge funds in both 2022 and 2023, and the average shop returned about half the S&P 500. And Jain is trying to hire in the shadow of established multi-manager giants — known as “pod shops” — like Millennium, Citadel, Point72 and ExodusPoint. #fundraising #hedgefunds #capitalraising #capitalmarkets #financing
Fundraising is tough. Just ask this hedge-fund star. | Semafor
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Writes about Markets, Business and Investing in Africa. Public Markets |Private Markets | Tech + Finance | Founder | Investor | Writer.
This Ugandan investor started a chicken business at 12. Was a Partner at a $200 billion global hedge fund. And manages a $500+ million fund investing in Africa. Meet, Richard Okello The Faith-Driven Investor. Richard is on a mission to leave Africa better than he found it. Using his faith as an anchor to create impact as a steward of capital. Born in Kenya. He grew up in Uganda During Idi Amin’s era. He read The Economist. In his early school years. Opening his eyes to the world of business & economics. And at 12. Started his first business. Using his school holidays to make pocket money. He’d buy chickens on sticks from upcountry. Sell it for 2X the price in the city. For a 100% profit. When people caught on. He switched to selling grains. Using the same arbitrage strategy. Buying low and selling high. Richard left Uganda at 18. When he got a scholarship. To UWC Atlantic College high school in Wales. He left Wales 2 years later. When he got another scholarship. To Swarthmore College in the U.S. To study Economics. In his 1st semester of uni. Tragedy struck. Richard lost his mom. His parents had separated then. Making him legal guardian overnight. To 3 young sisters. Not one to waste a crisis. Richard used this setback to push him. Working 2X as hard. Taking 7 classes instead of 4. Working while studying. To pay for his siblings. He graduated 3 years later. At the top of his class. A year earlier than usual. He got recruited out of uni. To join Bridgewater Associates in 1998. Then a $9 billion hedge fund. At Bridgewater, he worked as an associate. Starting out in currency and debt research. Before moving on to client advisory. Where he helped the firm grow to $50+ billion. Moving from Associate to Partner in 5 years. He left Bridgewater in 2007. To join Makena Capital Management, LLC . A private endowment sprung out of Stanford University Where he led investments of over $15+ billion into 300+ funds globally. It was during his annual visits back home. That he began thinking of building something for Africa. Something to create great returns and impact at the same time. So, in 2011. He left Makena to start Sango Capital. Taking on the push for investment in Africa. With a hybrid fund investing in both funds and companies. And today Sango Capital is an investment giant. With 📈 Portfolio of 20+ funds and companies across 20+ African countries 💰Investments of $500+ million in African funds and businesses 👑 Global sovereign wealth funds,pension funds, endowments as investors Sango Capital has invested in Viathan Engineering Limited, Marketsquare and more. Richard sits on the committees of AVCA - The African Private Capital Association, African Leadership Academy Has investors like Ray Dalio as personal mentors. What are your thoughts on Richard’s story? Let me know in the comments. 👇 Join my newsletter for more stories on business, markets and investing. https://lnkd.in/d-mDKYRT
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The June edition of the Alternative Investor is out, packed with alternative fund news from the past month and insightful guest features on sector trends, offering a fresh perspective on the alts industry. We look back at fund performances and fundraising in PE, hedge funds and credit. Elliott Investment Management L.P. has been very busy, not only raising funds but also taking sizeable positions; Pershing Square Capital Management, L.P. is lining up an IPO in 2025; funds are building commodity teams and crypto exposures; we pick up family office trends and much more. We also take a moment to look back at Jim Simons' life, 'An extraordinary life of a quant pioneer and philanthropist.' Also featuring👇 ✍️ Arosa Capital Co-Founders Alexandra Daly and Peter Soliman write about gender inequality in venture capital funding, with funds dedicated to female entrepreneurs not just a nod towards social justice but a testament to the untapped potential that can drive significant economic growth and innovation. ✍️ Prosek Partners' Josh Clarkson changes tack with a look at the trend among large alternative managers to acquire and build life insurance components as they seek to generate uncorrelated outsized returns. In Letter from America, Mark Kollar examines the rise of continuation funds as a standalone investment strategy. Should portfolio companies continue to be scalable with further potential upside, why not hold on to them a little longer to realize more value? Mark is starting to see sector specialists move more money into designated funds and believes there is further growth on the cards. We wrap up with RQC Group breaking out some of the latest regulatory developments in the US, UK and EU. 👉 It takes just a few seconds to sign up for future editions https://lnkd.in/e3wQ4dKS. Next month we turn to commodities and funds. We are delighted to have The Money Maze Podcast in this edition, which again is a collaboration between Brodie Consulting Group, Capricorn Fund Managers and RQC Group. If you have any questions, please get in touch with Jonty Campion.
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CEO @ Medical Funding Professionals, a Registered Investment Advisory Firm - Capital planning for Reg A+, Reg D (506c & 506b), State 504, S-1 for IPO's, VC, Private Equity, Hedge Funds, Family Offices
Asset manager Hamilton Lane has closed a $5.6 billion fund Tuesday that will buy and sell private equity assets on the secondary market. As its sixth secondaries fund, it’s also Hamilton Lane’s largest vehicle ever, demonstrating growing interest from limited partners in gaining exposure to returns generated on the secondary market. The firm’s LPs include corporate and public pension funds, sovereign wealth funds, endowments, foundations and private wealth platforms—institution types that have looked to capitalize on increased secondary market activity amid liquidity challenges over the past few years. In 2023, secondaries funds raised a total $81.7 billion, according to PitchBook’s Q1 2024 Global Private Market Fundraising Report, a 124.5% year-over-year increase over 2022.
Hamilton Lane $5.6B close showcases secondaries demand
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Billionaire Bill Ackman's hedge fund Pershing Square Capital Management, L.P. is finalizing a roughly $1bn funding round with institutional investors and family offices as well as eyeing an initial public offering in the future. Investors are valuing the firm, which has $16.3bn in assets, at $10.5bn. Roughly $500m of the money raised with investors will anchor Pershing Square USA, a new investment portfolio in the US. It will be listed on the New York Stock Exchange and available to anyone who can invest in the U.S, including retail investors. A potential IPO is further off and could happen next year or in 2026. This new fund will mimic his existing hedge fund but offer lower fees and quicker access to capital and could lure some of Ackman's 1.2m followers on social media platform X. The other half of the money will be used in funds that the firm expects to launch. #MergersAcquisitionsDivestitures #PrivateEquity #Fundraising
Ackman's Pershing Square raising $1bn, eyeing IPO.
reuters.com
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