The hedge fund division of Brazilian bank BTG Pactual has closed one of its funds to new investors.
Reuters reported that the hedge fund will no longer accept any additional capital and has rejected about $500 million since last year.
Steve Jacobs, CEO of BTG’s asset management unit, told Reuters that the fund will be shut for an “undefined period” but may reopen if its performance remains consistent. The fund saw a 28% return last year, making it one of the best-performing hedge funds in the world.
BTG manages about $9 billion in hedge fund assets.