Emerging Sovereign Group Said to Shutter $100 Million Hedge Fund

Emerging Sovereign Group, the $3.5 billion firm backed by Julian Robertson, is shuttering one of its hedge funds, according to a person with knowledge of the matter.

The Emerging Sovereign Master Fund, which focuses on macro events, has about $100 million in assets, said the person, who asked not to be identified because the information is private. Internal capital makes up much of the fund. The shutdown was reported earlier Tuesday by Business Insider.

ESG is run by co-founders Kevin Kenny, Mete Tuncel and Jason Kirschner, who bought out Carlyle Group LP’s 55 percent stake and took full control of the New York-based firm on Oct. 31.

Most of ESG’s assets are in its Cross Border Equity and Domestic Opportunity strategies. The Cross Border Equity fund declined 7.9 percent in the first 10 months of the year, according to another person. It lost 1.6 percent in October.

ESG was founded in 2002 with seed capital from Robertson’s hedge fund firm Tiger Management before Carlyle agreed to purchase the majority stake in 2011.

A spokeswoman for the firm declined to comment.  

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