Jul 20, 2009

Pickens - Show me the GREEN in energy.

Bloomberg... Pickens Said to Seek To Hedge Out

Too expensive?  Building and maintaining turbines like these at Ovenden Moor produces 13 million tons of carbon a year  Picture: wikimedia.org
Billionaire energy investor hit by losses and client redemptions in 2008, is raising money again...
Pickens, 81, met with potential investors in New York over the past two weeks, said the people, who asked not to be identified because the information is private. BP Capital LLC, his Dallas-based firm, is seeking to expand its Energy Equity Fund II, which invests in stocks and futures, and Energy Fund II, which trades futures only, they said. These are follow-on versions of funds that Pickens closed to new investors.

BP Capital, which manages about $500 million, had more than $4 billion at the start of 2008 before the original Energy Fund fell 98 percent and first Energy Equity Fund lost 64 percent, according to the firm’s marketing documents.

“Investors are much more cautious now and prefer to invest with the managers who have not made headline stories last year,” said Vidak Radonjic, managing partner at Jersey City, New Jersey-based Beryl Consulting Group LLC, which advises clients on investing in hedge funds.

Hedge funds are private, lightly regulated pools of capital whose managers can buy or sell any assets, bet on falling and rising asset prices and participate in profits from money invested.
Pickens typically holds his investments between three months and two years, according to the documents.

He is the biggest investor in his funds, owning about 20 percent.

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