Illiquid hedges

One of the advantages of hedge funds compared to private equity was supposed to be that you could get your money out when you needed it. But the current crisis shows that, when push comes to shove, you can’t. Fearing a tide of redemptions, an increasing number of hedge funds are locking up their investors. Polygon, for example, has just suspended redemptions in its flagship $4bn Global Opportunities multi-strategy fund. Last week, Deephaven Capital Management did the same with a $1.6bn multi-st...