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Tricadia Is Shutting Its Hedge Funds Amid Slew of Closures

  • Firm bled assets on poor performance after managing $4 billion
  • Founders aim to raise drawdown capital with longer lock-up

Tricadia Capital Management is closing its hedge funds, joining a long procession of managers tripped up in turbulent times.

The closures come after assets in its flagship credit strategy plunged from a peak of more than $3 billion in 2014. Tricadia will return about $800 million to investors in its Credit Strategies Fund and separately managed accounts in the next few months, according to people with knowledge of the matter. The firm has already handed back about $150 million to clients from its Convexity fund, the people said.