- Deephaven Capital Management
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Deephaven Capital Management Type Private Industry Hedge Funds Founded 1994 Headquarters Minnetonka, Minnesota, U.S. Website http://www.deephavenfunds.com/ Deephaven Capital Management, LLC was a subsidiary of Knight Capital Group that managed various hedge funds. Deephaven was founded in 1994 with $5 million in assets and at its peak managed $4 billion in assets in six different hedge funds.[1]
Downfall
In late 2008, Deephaven froze its Global Multi-Strategy Fund with assets of $1.6 billion.[2] The fund lost 32% in 2008, which resulted in investors requesting to withdraw 30% of their funds.[3] Until then, the fund had yearly returns of 16%. In 2009, Deephaven sold its assets in the Global Multi-Strategy Fund to Stark Investments for $7.3 million.[3] Upon the sale, Deephaven's remaining assets were sold off; the office furniture was sold for cents on the dollar to a local asset manager, Disciplined Growth Investors.[4]
External links
References
- ^ ""Deephaven to Liquidate Funds"". HedgeCo.net. February 2008. http://www.hedgeco.net/news/02/2008/deephaven-to-liquidate-funds.html.
- ^ ""Deephaven Freezes Multistrategy Hedge Fund to Avoid Asset Sales "". Bloomberg. October 31, 2008. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amUk8rPKk9VU&refer=us.
- ^ a b ""Deephaven to Sell Flagship Fund"". NYTimes.com. January 27, 2009. http://dealbook.blogs.nytimes.com/2009/01/27/deephaven-to-sell-flagship-fund-and-exit-business/.
- ^ Star Tribune, October 23, 2009
Categories:- Financial services companies of the United States
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