While others are closing funds to new investors and returning capital, Paul Singer’s Elliott Management is not slowing down. The event driven hedge fund with a formidable activist in the form of Paul Singer in the lead, has raised $3.3 billion in new capital, as part of its fifth capital commitment facility, according to Bloomberg’s Kelly’s in today’s Bloomberg Briefs column.
Take a look at what Paul Singer had to say about the debt ceiling in WSJ’s Heard Live conference.
Elliott said it was looking to raise no more than $3.77 billion
According to the email sent to investors in September, the firm raised $2.2 billion in new investments and $1.1 billion in extensions of capital from investors in the fourth commitment. Earlier the hedge fund had announced on July 15 that it was extending its fourth capital commitment facility and raising new money for the fifth one. The firm, which already had $22 billion under management, said in the second quarter letter (released at end of July) that it wanted to have sufficient dry-powder at hand to invest in attractive opportunities once the market turmoil subsides. At that time Elliott said that it was looking to raise no more than $3.77 billion, adding that,
“The question of the optimal (or maximum) size of Elliott (or any other fund) cannot be answered in the abstract; it is determined by the size of the markets in which we are trading and the pricing aberrations in those markets, which at times can be very significant and available in large size. We want to be ready. “
Paul Singer has been busy investing in new companies
Elliott Associates is up 7.3% through August of this year, whereas Elliott International has gained 7.1% in the same period. Paul Singer has been busy investing in new companies, including Kabel Deutschland Holding AG (FRA:KD8), Emulex Corporation (NYSE:ELX) and others.
Stay tuned to ValueWalk for more coverage on Elliott Management, Q3 will be coming out at the end of this month.