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- T. Boone Pickens announced Friday that he was closing down BP Capital, his energy-focused hedge fund.
- He cited health issues and a “roller coaster ride” while running the company.
T. Boone Pickens said Friday that he was shutting down BP Capital, his energy-focused hedge fund, and transitioning towards a family-office structure.
Pickens, 89, cited health concerns and a loss of interest in trading oil for his decision in a letter. The oil crash that began in 2014 roiled several energy-focused funds as prices fell by more than 70%.
Of BP Capital, which he launched in 1996, Pickens wrote: “It has been one hell of a roller coaster ride,” adding that oil trading was no longer “as intriguing” as it once was. The firm’s assets totaled about $1 billion in recent years, The Wall Street Journal reported.
Pickens said he was recovering from a series of strokes he suffered late last year, and a “major fall” during the summer.
“I am creating a new plan that will include turning my full attention to recovering my health and continuing to invest in personal passions like promoting unbridled entrepreneurship and philanthropic and political endeavors,” Pickens said.
The new family-office structure would help his fund sidestep some of the regulatory oversight it was under.