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Hedge fund Elliott could raise $5 bln in new funding – FT

Sept 22 (Reuters) – U.S. hedge fund Elliott Management Corp could raise $5 billion in a new funding round, the Financial Times reported, to build a warchest for cheaper assets as it prepares for an expected market downturn.

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Elliott is using a drawdown structure that will feed into the main fund, through which investors can commit cash to the fund without paying capital upfront immediately, FT reported on Sunday. Such a facility would allow Elliott to call on such funds when investment opportunities arise.

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Elliott did not immediately respond to a Reuters request for comment.

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Paul Singer, the billionaire founder of the activist hedge fund, has been outspoken about the complacency in the global financial markets and has said the economy is headed for a significant downturn, the FT report added. (Reporting by Mekhla Raina in Bengaluru; Editing by Sam Holmes)


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