Fewer Big Hedge Funds Debut as Multistrats Scoop Up Talent

Money raising for hedge funds has gotten so tough that in 2025, only two firms are expected to debut with client commitments of $1 billion or more.

One is from former Viking Global Investors Chief Investment Officer Ning Jin, who’s opening his global stocks fund Avantyr Capital Partners later this year, according to people with knowledge of his firm.

The other is from Paul Goldschmid, a longtime partner at King Street Capital Management, who’s expected to start his credit hedge fund Harvey Capital Partners in the fourth quarter with a similar sum. The firm has already raised ...