Flight From the Phoenix

摘要

The selling pitch for phoenix four, a hedge fund with a heavy dose of real estate, was liquidity. Unlike the usual hedge fund or partnership, this one was going to come with a generous redemption right. Investors could cash out on a month's notice. With this promise (and sales assistance from prestigious private banks in Europe) Paul Schack and James Hopkins raised a lot of money. Their fund, a Bahamian corporation created in 1993, had $362 million at its peak four years ago.