For Julian Robertson, the 83-year-old billionaire former hedge fund manager, history is repeating itself.
In
2000, Robertson returned outside investors' money to focus on his own
fortune. In 2010, he started taking money from outside investors again,
but five years later, two of the three vehicles he set up have been
unwound, while the third has shrunk as investors have pulled their
money.
Robertson's personal fortune has more than doubled to $3.4 billion since 2000, and his Tiger Management is as strong as ever: the hedge funds he has ownership stakes in now manage more than $30 billion, up from about $20 billion in early 2010 and equal to highs in 2008 just before the financial crisis.
But the small part of his empire devoted to outside fund management has been less successful, and he's unlikely to expand that business, people familiar with Tiger said.
Since 2000, Robertson has focused on giving start-up capital to hedge fund managers. After the financial crisis, many asset managers struggled to raise money from other investors, so Robertson decided to help raise money from outsiders for the hedge funds he had invested in.
To do that, and ensure Tiger's success for the next generation, he promoted his son, Alex, to managing partner and brought in a trio of executives to help run and market the business.
He started three vehicles that in turn put money into funds he already backed. Two were essentially funds of hedge funds for state pensions in Pennsylvania and North Carolina. One, Tiger Accelerator, let investors share in Robertson's ownership stake in six firms that managed hedge funds, and invest directly in the six funds as well.
Robertson's personal fortune has more than doubled to $3.4 billion since 2000, and his Tiger Management is as strong as ever: the hedge funds he has ownership stakes in now manage more than $30 billion, up from about $20 billion in early 2010 and equal to highs in 2008 just before the financial crisis.
But the small part of his empire devoted to outside fund management has been less successful, and he's unlikely to expand that business, people familiar with Tiger said.
Since 2000, Robertson has focused on giving start-up capital to hedge fund managers. After the financial crisis, many asset managers struggled to raise money from other investors, so Robertson decided to help raise money from outsiders for the hedge funds he had invested in.
To do that, and ensure Tiger's success for the next generation, he promoted his son, Alex, to managing partner and brought in a trio of executives to help run and market the business.
He started three vehicles that in turn put money into funds he already backed. Two were essentially funds of hedge funds for state pensions in Pennsylvania and North Carolina. One, Tiger Accelerator, let investors share in Robertson's ownership stake in six firms that managed hedge funds, and invest directly in the six funds as well.
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