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Tepper to Keep His Hedge Fund Alive for Handful of Key Investors

  • Will retain 15 clients, give money back to others in 2020
  • Changes are part of planned transition to family office
David Tepper
David TepperPhotographer: Andrew Harrer/Bloomberg

Billionaire David Tepper will keep managing money for 15 investors and return the rest of the firm’s outside capital as he moves toward starting a family office.

His Appaloosa Management will begin giving clients their money back early next year, according to people familiar with the matter. That makes up most of the external capital the firm runs. The remaining investors will collectively have $1.25 billion to $1.5 billion with Tepper.