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Alternative Market Briefing

Energy hedge fund BlueGold liquidates entire portfolio

Monday, April 09, 2012

Opalesque Team: BlueGold Capital Management LLP, the $1bn energy hedge fund co-founded by Pierre Andurand and Dennis Crema, is liquidating after losing 34% last year, according to various media reports.

The London-based fund house, which invested mostly in energy derivatives, wrote to investors to announce the liquidation of the entire portfolio and the undertaking of an "orderly closure." Investors will receive about 98% of their capital, the letter said, without giving a reason for the decision, The Telegraph reported.

BlueGold managed $2.2bn at its peak. It started trading in February 2008 and did well that year, returning 209%, and then 55% in 2009 and 13% in 2010, Bloomberg said.

But we had been hearing about BlueGold’s losses for a year. BlueGold was one of the worst performers among commodity hedge funds in 2011, industry data gathered by Reuters shows. It lost 35% then and its asset base shrunk to about $1.2bn from $2bn a year a before.

An investor who redeemed money from BlueGold in January told Reuters he still regarded the fund as "a pretty talented group" that may have given ......................

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