Lasair Capital to wind down hedge funds of funds
By Christine Williamson | September 17, 2012 1:09 pm
Lasair Capital, a woman-owned firm, is winding down its long/short equity focused hedge funds of funds, confirmed Carrie McCabe, founder and CEO, in an e-mailed statement.
Lasair Capital was backed at its founding in 2008 by a Fortune 10 pension fund, widely thought to be the $41.3 billion defined benefit plan of General Electric Co., Stamford, Conn., although neither Ms. McCabe nor GE executives have ever confirmed it. John H. Myers, former president and CEO of GE Asset Management, chairs Lasair's external advisory board.
Lasair is returning about $250 million to investors, including the $37 billion Illinois Teachers' Retirement System, Springfield, which invested $75 million in Lasair's hedge fund of funds in August 2009. The retirement system made its investment in Lasair through its $500 million emerging managers program.
Ms. McCabe said the company's “strategic partner and investor is in the process of reviewing the potential acquisition of various Lasair assets, as Lasair winds down its funds and returns capital,” Ms. McCabe wrote.
Ms. McCabe said the firm's executives looked at a number possibilities regarding the continuation of the hedge funds of funds and “decided this is the best course of action. We have worked with our partner for many years, and we look forward to continuing our work together.”
Chris Linehan, a spokesman for GE Asset Management, declined to comment about the closure of Lasair's funds.