- Quant hedge fund Seven Eight Capital is winding down, according to people familiar with the matter.
- The hedge fund managed as much as $500 million in capital and traded for Schonfeld for many years.
- The fund is closing after two large investors, Blackstone and CPP, exited, the people said.
Quant hedge fund Seven Eight Capital, which for many years invested money for Schonfeld Strategic Advisors, is winding down, according to people familiar with the matter.
Seven Eight Capital is closing as a hedge fund and will cut most of its staff after two large investors, Blackstone and Canadian pension CPP Investments, redeemed capital, the people said, asking to remain anonymous because the information isn't public.
The firm could continue to operate in some capacity, the people said, potentially as a separately managed account for an existing hedge fund.
Cofounder Adrian Sisser declined to comment when reached by phone. Blackstone declined to comment, and CPP Investments did not respond to a request for comment.
Seven Eight, founded by Sisser and Stephen Cash, managed as much as $500 million in assets as a hedge fund, sources familiar with the firm said. It managed $4 billion in regulatory assets, a figure that includes leverage, at its peak while running an exclusive managed account for Schonfeld, one of the sources said.
It had 22 employees this year, according to a regulatory filing,
For many years, it managed capital for Schonfeld Strategic Advisors, trading on the multimanager hedge fund's platform for more than a decade.
Schonfeld cut ties with Seven Eight last year, according to one source familiar with the matter, redeeming capital amid a broader reorganization and culling of underperformers.
