Here Comes a New Wave of Billion-Dollar Hedge Funds

At least five new hedge fund companies are on track to start with at least $1 billion this year, according to data compiled by Bloomberg, after eight firms started with a 10-figure sum last year. Frustrated with the mediocre performance of some of the industry’s old guard, investors hoping for higher returns are writing checks to a handful of new funds, including one run by Brevan Howard Asset Management veteran Chris Rokos and another headed by ex-Elliott Management Corp. star Didric Cederholm. “Most hedge funds aren’t any good, but if you can identify talent early, when they are hungry, you have the potential to generate outsized performance,” said Adam Blitz, chief investment officer at Evanston Capital Management, which invests $5.4 billion in these private partnerships.



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