Massive Strategy Changes at Funds
There is this low-end fund in LA called Dorchester that got popular around the GFC for buying hedge fund side pockets on the secondary market. When the economy improved all of their deal flow dried up and they were left with utter shit sub 9% returns. To raise money for their latest fund they claimed that all of their prior deals were "credit" so they could benchmark themselves against credit funds instead of absolute return or secondary funds. The sad thing is that a lot of institutional LPs fell for their BS.
Have people witnessed other massive strategy changes at funds and seen them live to invest another day?
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