ExodusPoint Capital Management, the hedge fund firm founded by Michael Gelband and Hyung Lee, is looking to raise $1bn in new money from investors by the end of the year having reopened to new capital from the first time in three years, according to a report by Bloomberg.
The multi-strategy firm, which managed $12.5bn as of 1 July – down from $13bn at the end of 2022, has been closed to new money since September 2020.
The report cites data compiled by eVestment as revealing that multi-strategy firms have raised $1.8bn this year up top the end of July while the wider hedge fund industry saw outflows of around $43bn. Many of ExodusPoint’s big rivals including Millennium Management and Citadel remain closed to new money.
ExodusPoint has been on a recruitment drive ahead of its push to raise new cash, hiring about 40 portfolio managers in the past year, including Michael Lapsa as Head of Systematic Strategies, Adam Galeon as Head of the Long-Short Equities, and Pete McConnon as Senior Managing Director for Fixed Income and Macro Trading.