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ExodusPoint Hedge Fund Raises $3 Billion, Rejects Billions More

  • Gelband and Lee’s firm takes steps to keep inflows manageable
  • Firm attracts cash even as industry gets the cold shoulder

ExodusPoint Capital Management has raised more than $3 billion in about four months -- and turned away billions more -- defying the outflows hitting the broader hedge fund industry.

The fund, which was launched by Michael Gelband and Hyung Lee in June 2018, already oversees about $8.8 billion. The commitments came from new and existing and investors and, starting in April, will be drawn down in portions over the coming quarters, according to a person with knowledge of the matter. The firm had more than $6 billion of investor demand and had been closed to new cash since October 2018.