Kevin Ulrich has served as CEO of Anchorage Capital Group for two decades. In recent months, the co-founder of the hedge fund declared he will be stepping down from his day-to-day duties as CEO and becoming chairman. Simultaneously, Ulrich announced Anchorage would be closing its flagship fund.
Once considered one of the largest distressed-debt funds worldwide, Anchorage is unwinding its $7.4 billion fund which managed almost double that amount just a few years ago. The firm will concentrate on its $18 billion structured-credit business and its $4 billion private-equity-style fund.
Citing uncooperative markets and client withdrawals as the primary catalysts for the closure, Kevin Ulrich further explained to clients that current credit markets “present challenges for an evergreen fund designed to tactically allocate capital across the credit spectrum.” Ulrich plans to manage the unwinding of the hedge fund while working together with the firm’s executives to map out plans for its future.
Anchorage is one of the most distinguished and biggest hedge funds to have closed in 2021.