September 22, 2019 / 5:45 AM / a month ago

Hedge fund Elliott could raise $5 billion in new funding: FT

(Reuters) - U.S. hedge fund Elliott Management Corp could raise $5 billion in a new funding round, the Financial Times reported, to build a warchest for cheaper assets as it prepares for an expected market downturn.

Elliott is using a drawdown structure that will feed into the main fund, through which investors can commit cash to the fund without paying capital upfront immediately, FT reported on Sunday. Such a facility would allow Elliott to call on such funds when investment opportunities arise.

Elliott did not immediately respond to a Reuters request for comment.

Paul Singer, the billionaire founder of the activist hedge fund, has been outspoken about the complacency in the global financial markets and has said the economy is headed for a significant downturn, the FT report added.

Reporting by Mekhla Raina in Bengaluru; Editing by Sam Holmes

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