Losses at Eisler Capital deepened in the final month of 2025 as the now-closed multi-strategy hedge fund completed its wind-down, with the firm’s flagship fund falling 7.35% in December, taking full-year losses to 14.3%, according to an a report by Bloomberg citing an investor letter.
The fund has since been formally wound down. People familiar with the matter said the bulk of the losses stemmed from pass-through expenses, including staff compensation and operational costs charged directly to investors, rather than trading performance.
The results contrast sharply with much of the multi-strategy hedge fund industry, where many large platforms delivered double-digit gains in 2025. Eisler’s fund had been down only 1.7% through August before management announced the decision to shut the business.
The wind-down has highlighted the high cost of exiting complex multi-strategy hedge fund platforms. Despite shrinking assets, Eisler continued to face substantial expenses tied to talent, technology and infrastructure. While the firm sought to reduce costs rapidly, it still needed to meet compensation obligations, including bonuses for traders who remained through the liquidation process. Eisler also attempted to limit bonus payments to staff who chose to depart immediately following the closure announcement.
In a December letter to investors, the firm said it expected the portfolio to be fully unwound by 31 December 2025, with a final net asset value calculated shortly thereafter. Initial redemption payments are expected to be made as soon as practicable once the NAV is finalised.
Eisler has estimated total wind-down costs at 10% to 15% of NAV as of 30 September 2025, citing efforts to exit staff, real estate and infrastructure commitments and to negotiate cost reductions with third-party providers.
Founded by former Goldman Sachs partner Edward Eisler, the firm launched in 2015 as a macro-focused hedge fund before expanding into a multi-strategy platform from 2021.
