- Roughly half the investors in T. Boone Pickens' BP Capital hedge fund have asked to withdraw their money after losses of about 60 percent this year, a source familiar with the situation said on Tuesday.
- The Texas oil tycoon and his investment fund, which had invested primarily in the energy sector, have lost about $2 billion since peaking in late June, the source said.
- BP Capital's losses this year come after five years of gains, with annual returns reaching as high as 119.5 percent in 2003 during the commodities boom that began in 2002.
Tuesday, October 28, 2008
Pickens BP Capital now at 100% Cash
Incredibly T. Boone Pickens BP Capital hedge fund has gone from fully invested in the global growth of energy demands to one that is no longer invested at all. According to this report, his fund has had over 50% redemptions. This just adds to the long list of funds that have now deleveraged and gone to significant cash levels. It also will add fuel to the fire of any rebound.