Exodus Point Adopts Cash Hurdle
Is this the beginning of the end for tier 2 multistrats? Anyone know more details about this? How exactly would they link performance fees to t-bill yields while still charging pass-through fees? Do they just tell PMs that you need to have made more than X% this year on "risk capital" or you don't get paid, including for this year?
Wonder if Baly and some of the smaller platforms will be next.
ExodusPoint, the $11bn multi-strategy hedge fund led by former Millennium executive Michael Gelband, has responded to investor pressure by introducing a new fee structure, tying performance fees to short-term Treasury yields, according to a report by Business Insider.
The firm’s new share class will still charge management and pass-through fees, but will link performance fees to Treasury yields and implement a longer lock-up period, making the fees retroactive to the start of 2024.
On other notes, MLP raising money and P72 returning cash. 2025 will be interesting.
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