From Institutional Investor:
Oh, how the mighty have fallen.
One of the more interesting things to learn from the newly required
ADV filings for most hedge funds is the size — or rather lack thereof —
among a number of one-time superstar managers. These are guys who either
saw their firm’s size shrivel up from lousy performance or are trying
to launch their next act in this newer, tougher world.
At least five well-known managers now reported assets of less than $1 billion:
Peter Thiel, Clarium Capital: Billionaire
Thiel may be one of the most brilliant tech venture capitalists in the
world. He co-founded PayPal and made early shrewd investments in
Facebook, LinkedIn and at least a dozen other firms. However, the 44
year-old’s macro hedge fund has all but crashed and burned. After
peaking with more than $7 billion under management in 2008, total AUM
has crumbled to $432 million, according to his recent ADV, thanks in
large part to losses of 4.5 percent in 2008, and declines in the mid-20
percent range in 2009 and 2010 as the billionaire remained bearish on
the U.S. economy.
Paul Touradji, Touradji Capital: The commodities
specialist has apparently missed many of the big rallies in the past few
years. After peaking at around $4.5 billion in 2008, the Tiger Cub
posted single-digit returns the following two years and AUM has dropped
to $890 million. The volatile manager has also been embroiled in
lawsuits with former partners and business associates....MORE
