NORWALK, Conn., Aug. 16, 2006 (PRIMEZONE) -- Pirate Capital LLC, whose AUM as of July 31, 2006 was $1.7BN, will soft-close its investment funds once the AUM reaches $2BN. The close is intended to give existing investors an opportunity to increase their investments in the funds, while controlling overall growth by limiting contributions from new investors. With subscriptions from more than 250 entities based in 26 countries, the firm has grown significantly since its inception. On July 1, 2002, Pirate Capital was started with an AUM of just $2MM.
Founder and Portfolio Manager Thomas R. Hudson Jr. said the following of the funds' soft-closing:
"Our investment philosophy has always been to focus on returns and not AUM. In terms of raising capital for the funds, we have accomplished what we set out to do. While there is no magic behind the $2BN number, it represents what I consider a level of comfortable critical mass for our strategy."
About Pirate Capital
Pirate Capital serves as the investment advisor to four event-driven hedge funds: Jolly Roger Fund LP, Jolly Roger Offshore Fund LTD, Jolly Roger Activist Fund LP, and Jolly Roger Activist Fund LTD. Pirate Capital is registered with the Securities and Exchange Commission as an investment advisor under the Investment Advisers Act of 1940.