Quoting a person familiar with the matter, Bloomberg reported that the $300 million firm has decided to liquidate its funds after struggling to raise capital.
The firm in a letter to investors said that the firm hopes to liquidate all or most of the Brencourt Multi-Strategy Funds, the Credit Opportunities Funds and the Merger Arbitrage Fund by the end of the year.
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"Investors will start receiving their money in October," the publication quoted the person as saying.
Richard Bani, Brencourt’s chief operating officer, declined to comment on the matter.
Brencourt was started in 2001 by Collins, Jim Balakian and Dave Woolf, with US$500 million in assets and by the end of 2006; the assets were at US$2.5 billion.
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