Hedge Fund Pinyon Asset Management to Return All Client Money

Patrick Burke’s hedge fund Pinyon Asset Management, which was backed by Grosvenor Capital Management, is returning all capital to investors.

“The vast majority of periods over the last two decades have been particularly favorable to our investment approach,” the event-driven equity firm wrote in a Dec. 12 letter to investors that was seen by Bloomberg News. “The three years since we launched Pinyon has not been one of those periods.”

Burke started Pinyon in October 2014 with $100 million and Grosvenor as a seed investor. Prior to that he had spent six years as a portfolio manager at Sandell Asset Management, where he focused on risk arbitrage before leaving in 2010.

Calls to New York-based Pinyon weren’t answered.

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