Hedge fund firm Karsch Capital Management is liquidating after 13 years in business.
In a letter founder Michael Karsch wrote to investors obtained by Bloomberg, the longtime hedge fund manager explained that after two decades in the industry, “it is time to take a step back…and begin to think about the next chapter of [his] career.”
Karsch plans to return 95% of investors’ money by September, and the rest no later than January.
Karsch previously worked at Soros Fund Management as a managing director and served in an investment role at Chieftain Capital Management prior to launching his New York-based firm in 2000.
Karsch Capital has about $1.8 billion in assets under management.