Loeb Blazes a New Trail

Third Point Capital raised $525 million for an offshore feeder fund in a novel deal. The offering did not sell off a chunk of Loeb’s management business, as some people assumed, but raised capital for him to manage. Big difference there. And according to Dan, you will see more of these deals:

“We are pleased with the results of the offering, which represents a significant milestone for Third Point LLC (the fund manager) and has been supported by a broad group of high quality investors across Europe, the Middle East and the United States,” Loeb said in a note to the Stock Exchange.

“We believe that this approach to raising capital will play an important role in the future of the hedge fund industry.” Reuters

The offering came in a bit below its original goal, but did raise over $525 million for Dan to put to work. Bad news for some schmuck somewhere, no doubt.

Activist fund Third Point raises $525 million in IPO
Reuters

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