Oceanwood Capital Management closed its main Opportunities Fund to new investors Monday after reaching $2 billion in assets, said a letter to clients.
“We will continue to replace outgoing capital, honor existing capacity agreements and look to complete discussions with prospective investors that are near conclusion in the coming weeks,” the firm said in the letter seen by Bloomberg News. “Maintaining discipline in the overall fund size will allow us to maximize returns going forward.”
The main fund, whose investors include the $53.3 billion Pennsylvania Public School Employees' Retirement System and $12.6 billion Ohio School Employees Retirement System, returned 1.3% in the year's first nine months, according to a person with knowledge of the matter who asked not to be identified. It returned 25% and 22% in 2012 and 2013, respectively, the person said.
By comparison, hedge funds gained 2.3% on average in the nine months through Sept. 30, according to Bloomberg's Global Aggregate Hedge Fund index. In 2013, hedge funds returned 7.4% on average, the index shows.
