Hedge Fund Verition Opens to Cash for Patient Investors Only
- New share class allows clients to fully redeem in three years
- Fund gains 5% this year after a record 30.4% return in 2020
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Hedge fund Verition Fund Management has opened to new cash for the first time this year, but is pushing clients to lock in capital for longer if they want a piece of the action.
The U.S. firm is to accept money in a new share class that will allow investors to redeem just 8.33% of their assets every quarter, down from a previous 25%, according to an investor document seen by Bloomberg. That means it will take clients three years to withdraw all their money instead of one.