The Hedge Fund Report Card

February 18, 2014   Stephen Taub

Investors say many factors are important when judging a hedge fund, but performance is still paramount.

The Hedge Fund Report Card

Back in 2009, Silver Point Capital was not exactly popular with investors. Its clients had just suffered through a huge, 35 percent drawdown, from June 2007 through December 2008, and some investors felt the credit and distressed-debt firm had become too big and that its strategies had run their course. Investors were frustrated with Greenwich, Connecticut-based Silver Point's historical lockup and liquidity terms, which only permitted them to redeem their money once a year. And like many hedge funds at the time, Silver Point irked some clients when it used side pockets for some of its very illiquid assets, although they subsequently performed well and have since been wound up.

Since then Silver Point, founded by Goldman Sachs Group alums Edward Mule and Robert O'Shea, has rebounded, riding the bull market in credit that...


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