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Alternative Market Briefing Weekly

Opalesque Roundup: Hedge funds lock up capital as leverage, talent and tax redraw the map
Saturday, September 26, 2026

The balance of power between hedge funds and their investors tilted further towards the managers this week. Point72 tripled its redemption period, inflows hit a twelve-month high and the redemption pipeline stayed near record lows. At the same time, regulators on both sides of the Atlantic turned their attention to the banks that finance the most leveraged strategies, Athens emerged as a serious contender for hedge fund offices and residency, and Turkey found itself managing a USD 17-18 billion investment fund collapse. Opalesque's own reporting this week focused on what allocators should be asking: about portfolio construction, founder transitions, board governance and the risks institutions knowingly add to.

Opalesque Exclusives

EXCLUSIVE - 23 September 2026 Meet Lukasz Tomicki, the manager whose edge contradicts 300 papers LRT Capital's Global Opportunities fund has compounded at 23.64% net since January 2022 against 10.82% for SPY, with roughly 0.3 beta and a Sortino ratio of 2.41. Tomicki calls moat, growth and capital allocation "table stakes" and locates the real alpha in portfolio construction and a proprietary factor finding that runs against most of the academic literature. Opalesque also examined his risk report: 77.6% of risk is idiosyncratic, and two index hedges rank among the five largest risk contributors.

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