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Back in December, when stocks were still trading at all time highs and few traders were concerned about selling, we waved goodbye to liquidity and wrote that “one of the main reasons sophisticated, wealthy investors would pick hedge funds over private equity firms to manage their wealth – despite variances in fee schedules of course – is access to near immediate liquidity: unlike PE funds which lock up capital for years, hedge funds provide clients with the option to cash out just days or weeks after sending in their redemption request – after all, the money is in “public” equities which can be sold with the flick of a switch. However, as a result of the unprecedented bifurcation of the hedge fund market, where the vast majority of hedge funds continue to underperform their benchmarks and are bleeding AUM while a handful of giant multi-strat funds are swimming in profits, have long lines of willing investors and can therefore change the rules at will without fear of losing clients, access to liquidity at the best performing hedge funds is about to become a thing of the past.”
We were referencing the recent quiet transitions taking place among some of the world’s best performing, and most levered hedge funds… … such as Millennium and Citadel, which are gradually transitioning away from a conventional redemption schedule toward draconian, PE-like lock ups as long as 5 years. That means that if you send in your redemption notice now, you may get your money some time in 2027, if you are lucky.
Millennium and Citadel were not the only ones that can impose whatever terms they want on their naive clients, who are willing to accept never again seeing their money because if there is a crash and either of these funds is impaired […]
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