Former Citigroup executive Sutesh Sharma launched his hedge fund in May with disappointing capital.
Bloomberg reported that London-based Portman Square Capital began trading with less than $100 million -- significantly lower than the $500 million initial target. The article said that Portman Square decreased its target back in March.
Portman Square, which had planned to open before the end of 2012, pushed back its launch date after it struggled to raise capital, according to an earlier eVestment article.
Utilizing capital structure arbitrage and volatility arbitrage trading techniques to profit from pricing differences among related securities, Portman Square was considered one of the largest and more high-profile hedge fund launches in recent years.