Photo: Associated Press
Longacre Capital is winding down its main funds, after redemptions and losses overwhelmed them, according to the WSJ.Longacre was a Manhattan-based firm that had around $835 million under management, down from $2.5 billion in 2008, according to the report.
According to its SEC filings, it invested in equities and distressed debt and leveraged credit.
The team of managers at Longacre was made up of around 10 people. The co-founders, John Brecker, Vladamir Jelisavcic, and Steven Weissman, worked at Bear Stearns together. They founded the fund in 1998.
In December, the fund shut its London office.
Longacre is the first of many stories like this.
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