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In the week ending June 7th 2024, a federal appeals court struck down the U.S. Securities and Exchange Commission's rules requiring hedge funds and private equity firms to detail quarterly fees and expenses to investors - a significant setback in the regulator's clampdown on the private-funds industry.

The rules, issued last year, would have required funds to better disclose fees they charge and sought to limit the preferential deals they cut with some clients. The fund industry sued, led by groups representing giant managers like Apollo Global Management, Blackstone and Millennium Management, which now invest trillions of dollars on behalf of pensions, endowments and wealthy individuals.

In new launches, Millennium Management's former senior trader Diego Megia kicked off his new hedge fund with $5 billion and closed it to new money on the very first day, becoming one of the largest startups in recent years; Mark Wills, a former Elliott Investment Management money manager who's planning his own hedge fund, has won backing from Squarepoint Capital for his startup, and hedge fund group Marshall Wace creates new Alt Ucits vehicle - Marshall Wace and Alt Ucits platform Lumyna Investments have broadened their cooperation in the alternative investment space.

Meanwhile, Mudrick Capital Management's new drawdown fund marked its first close on June 1 - the distressed-credit specialist is currently targeting a total of $500 million for Mudrick Distressed Opportunity Drawdown Fund III, the third vintage, whose launch was delayed, according to an investor; Cisco Investments, the global corporate venture investment arm of Cisco, launched a $1 billion fund to invest in artificial intelligence (AI) startups to develop AI-powered solutions for networking, security, and observability, while the global private markets investment firm StepSto......................

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