It looks like the 16-month marriage between hedge fund seeder Investcorp and Washington Corner Capital Management, a distressed and credit-focused hedge fund, is over.
Spokesmen for Investcorp confirmed that the $4 billion seeding firm is unwinding its $50 million investment in the emerging hedge fund, which it seeded in November 2007. The firm was unavailable for further comments.
“We’re not under pressure to sign up funds, but, for example, we got Washington Corner and Stoneworks Asset Management at about the same time because we thought both of them were interesting,” Deepak Gurnani, co-head of Investcorp’s hedge fund, told FINalternatives at the time.
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