New York-based asset manager and hedge fund advisor Perella Weinberg Partners has shut down one of its health care funds.
CNBC reported that Perella Weinberg’s decision to liquidate the fund was prompted by the success of the industry’s more established offerings that also invest in health care, including those at Glenview Capital Management and Visium Asset Management.
Perella Weinberg’s healthcare fund fell 2.24% this year through June, compared to the industry’s 19.06% gain according to the S&P 500 Healthcare Index.
Separately, the firm also shut down its European public healthcare vehicle it had set up in partnership with Morgan Stanley.
With offices around the world, including London, Beijing and Abu Dhabi, Perella manages approximately $9.5 billion in assets.