Paul Singer’s Elliott Is Raising $7 Billion for a New War Chest

Billionaire Paul Singer’s Elliott Investment Management is raising billions of dollars in new cash as the hedge fund readies a war chest for new trading opportunities.

The investment firm will take in as much as $7 billion in a fresh fundraising round, according to a person with knowledge of the matter. The money will be called as needed — a private equity-style mechanism the firm has used over the years to invest gradually in emerging opportunities, the person said, asking not to be identified because the details are private.