A utilities-focused hedge fund that managed $319 million is shutting down, with its staff moving to Point72

steve cohen

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Blackstart Capital, a $319 million hedge fund focused on investing in utilities and infrastructure stocks, has shut down and its staff have joined Point72 Asset Management.

The fund terminated its registration with the Securities and Exchange Commission effective Oct. 22, according to the SEC’s website. It listed four employees on a filing earlier this year and said it managed $319 million on behalf of four clients, all pooled investment funds.

Jamie Waters, a portfolio manager there, joined Point72, Steve Cohen’s hedge fund firm, on Nov. 1, along with three senior analysts, according to Tiffany Galvin-Cohen, a Point72 spokeswoman. She said they would be investing in the energy sector.

Waters worked earlier in his career as an analyst at Point72 predecessor SAC Capital.

Read more: Stock-picking billionaires like Bill Ackman and Lee Ainslie are soaring while quants like Renaissance and Winton struggle. Here’s a breakdown of how 13 hedge funds are performing.

From 2016 through 2019, thousands of hedge funds closed as investors placed their money with lower-fee asset managers. 2020 has been volatile, with $45.5 billion in net outflows from hedge funds in the first half of the year partly offset by $13 billion in net inflows in the third quarter, according to Hedge Fund Research.

According to its website, Blackstart was a long/short equity manager investing in North American utilities, power and related infrastructure sectors.  Its principals were described as veteran utility and power investment professionals.

Blackstart’s office landlord also sued the fund and its general partner on Monday, claiming a default under its lease and seeking the rent it would have paid through 2023. The firm emptied out its midtown Manhattan offices and turned over the keys on Oct. 1, according to the lawsuit.

SEE ALSO: The head of professional development at Steve Cohen’s Point72 lays out how to climb from fresh college grad to portfolio manager at the $16.3 billion hedge fund firm

SEE ALSO: Stock-picking billionaires like Bill Ackman and Lee Ainslie are soaring while quants like Renaissance and Winton struggle. Here’s a breakdown of how 13 hedge funds are performing.

SEE ALSO: HEDGE FUND COMP: How much engineers, associates, and researchers are paid at AQR, Bridgewater, Citadel, D.E. Shaw, Point72, and Two Sigma

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