One of this year’s most anticipated hedge fund launches is bigger than expected.
Brandon Haley’s Holocene Advisors started trading April 3 with about $US1.5 billion, according to a person familiar with the matter. The news was previously reported by Bloomberg. That figure is about $US500 million more than was expected a little over a month ago.
Potential investors were told that the fund had attracted four separate $US200 million investments, people familiar with the matter previously told Business Insider.
Two of those tickets came from Goldman Sachs Asset Management and BlackRock, Bloomberg reported.
The fund has long been expected to be one of this year’s largest, with Haley said to be putting in a significant amount of his net worth into the fund. The firm will initially employ a stock strategy focused on the consumer, industrials and tech, and media and telecommunications sectors, people familiar with the firm said.
Holocene’s launch size was already big by current hedge fund standards, and comes as some industry titans are shutting.
Haley previously led Citadel’s Global Equities unit. Haley’s New York-based firm, which is located north of Madison Square Park, employs 24 people, a person familiar with the firm said.