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New York HF Returns Cash to Investors

May 07, 2013
Jing Chen

New York-based hedge fund firm Centerbridge Partners has been feeling generous lately.

Institutional Investor reported that Centerbridge co-founder Jeff Aronson recently made the decision to return more than $1 billion to investors in its credit opportunities fund. Aronson, who also runs the fund, gave back $600 million to investors in the first quarter of 2013 and an additional $500 million in December of last year.

Aronson explained that his team decided to return the extra capital to investors in the fund, which was sitting on 28% cash after closing to new investors in 2011 due to lack of attractive investments, because it was “the right thing to do.”

While it is rare for hedge fund managers to return to investors the cash they raise, the article said that Aronson did the same when he was a portfolio manager at New York-based alternative investment firm Angelo, Gordon & Co.

Centerbridge utilizes a variety of strategies to seek returns; it manages about $20 billion in assets.


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