- Bloomberg TV screenshot
A New York hedge fund seeded by investing legend Julian Robertson is shutting down.
Orlando Muyshondt’s Tyrian Investments is closing, the fund has told investors.
The fund was facing redemption pressures, according to people familiar with the matter.
The firm launched in 2010 with a long/short equity strategy and with seed money from Robertson, chairman of Tiger Management.
Tiger is a “significant partner” in Tyrian, according to Tyrian’s website.
As of 2014, Tyrian had raised $1 billion, according to a Bloomberg article from the time. The firm managed about $535 million in regulatory assets as of year-end 2015, according to its Form ADV filing.
Muyshondt and a spokesman for Robertson declined to comment.
Muyshondt announced Tyrian’s closing in a November 17 letter to investors, a copy of which was obtained by Business Insider:
“After careful consideration, we have decided to wind down the Tyrian Global Opportunities Fund LP (the ‘Fund’) and compulsorily withdraw all investors as of November 18, 2016. In anticipation of winding down the Fund, we have liquidated almost all of the Fund’s assets.
“One position, which currently constitutes approximately 2.2% of the portfolio (the ‘Specified Position’), may take longer to sell, but we will seek to sell this position before the end of the year. We expect to distribute to each investor in the Fund by the end of this month approximately 93% of the net asset value of each investor’s interest, and, pursuant to the Fund’s offering documents, we will hold back approximately 5% of the net asset value which will be distributed no later than 30 days following the completion of the Fund’s final audit for 2016.
“We will also distribute to you the proceeds from the Specified Position after it is sold. We greatly appreciate the trust that you placed in us when you invested with us, and we are grateful for your continued faith and support over the years.
“Please contact me if you have any questions.”
Many hedge funds have struggled lately with performance, while investors have pulled about $77 billion from hedge funds this year through October, according to the data provider eVestment.
Several hedge funds have shut down amid poor performance. Perry Capital, for instance, announced earlier this year that it would shut down.
ValueWalk first reported the news of Tyrian’s shuttering.