| BOSTON, Sept 14
BOSTON, Sept 14 Hedge fund firm Lasair Capital,
which counted General Electric Co as its blue-chip backer
and invested money for some large pension funds, said it plans
to wind down its portfolios and return roughly $250 million to
clients in the coming months.
New York-based Lasair was founded by Carrie McCabe as a
women-owned firm in 2008 and specialized in investing with
so-called long/short equity managers who select stocks.
"Lasair has considered a number of opportunities and decided
this is the best course of action," M cCabe said in a statement
obtained by Reuters.
The firm, which will continue to exist, made inroads in the
highly competitive investment world by signing up clients like
the state of Illinois Teachers' Retirement System.
Counting both on McCabe's deep industry roots and the
backing of General Electric's powerful asset management unit,
the firm launched just before the height of the financial
crisis, when many hedge fund managers were hit hard.
Since then it, like other small players in the $2 trillion
hedge fund industry, has faced an uphill battle in raising new
capital at a time many big-name investors prefer to stick with
Lasair raised roughly $250 million in assets and those were
invested with a handful of hedge fund managers whose funds range
in size between $1 billion and $10 billion each. The managers
have been informed of Lasair's decision to wind down the funds.
McCabe ranks among a small group of powerful women in the
hedge fund world, having previously been the chief executive of
Blackstone Alternative Asset Management and FRM-Americas.