Former Citadel traders Jonas Diedrich and Dave Sutton have exceeded the capital raise target for their hedge fund, making it the biggest startup of the year.
London-based Ilex Capital Partners started trading with client assets of $1.85 billion on July 1, according to a person familiar with the matter. The firm is in the process of adding a couple of hundred million more in capital this month and will stop accepting money on Aug. 1, the person said, asking not to be identified because the details are private.
Demand for the equity long-short hedge fund stands in stark contrast to the tough capital raising environment. More than 2,500 hedge funds have shuttered over the last five years, exceeding launches during the period, according to data compiled by Hedge Fund Research Inc.
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