Why Fund Gates Are Terrible News For Great Asset Managers
Earlier today, a third HY domino fell as the $900 million Lucidus Capital Partners announced that after an October redemption request by a “significant investor,” the fund has liquidated and will return money to investors.
If you’re a Lucidus investor or counterparty, CEO Christon Burrows “thanks you for your support.”
The Lucidus liquidation comes on the heels of last week’s news that Third Avenue and Stone Lion Capital have suspended redemptions in a (likely futile) attempt to avoid going down in history as the guys who started the HY firesale.