+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

A former SAC Capital portfolio manager closing his $1 energy billion hedge fund after only three years of trading

Feb 19, 2019, 21:57 IST

Wind turbines dominate the skyline at the Braes of Doune windfarm in Stirling, Scotland.Getty Images/Jeff J Mitchell

Advertisement
  • Precocity Capital, an energy-focused hedge fund that began trading in mid-2016, is closing down, sources tell Business Insider.
  • Nick Tiller, a former portfolio manager for Steve Cohen's SAC Capital and Fidelity, started the fund and ran more than $1 billion as recently as last March, regulatory filings show.

Precocity Capital, an energy-focused hedge fund run by former SAC Capital PM Nick Tiller, is closing down, according to sources familiar with the matter.

The hedge fund managed more than $1 billion as recently as last year, regulatory filings show, and began trading less than three years ago, in mid-2016.

Tiller founded the firm after more than 10 years at Steve Cohen's SAC Capital, where he oversaw more than $1 billion in equity and commodity strategies. Past reports also note that Tiller was responsible for building out the fund's energy group.

Tiller could not be reached for comment.

Advertisement

See more: Bill Ackman's Pershing Square says it's 'returning to its roots,' and it shed a third of its staff as a part of the journey

Last year was one of the toughest for launches in the industry, as data from Preqin show that liquidations outpaced launches for the first time since the hedge fund research firm began tracking the industry in 2013.

More funds were liquidated in 2018 than were launchedShayanne Gal/Business Insider

Sign up here for our weekly newsletter Wall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals.

Tiller left SAC in 2013 and founded a non-profit organization that consults with and invests in companies creating more sustainable energy and food practices known as Sustainable America. The non-profit had a little under $1 million in assets at the end of 2016, according to regulatory documents, and has partnered with organizations focused on reducing food waste and finding alternative fuel sources.

Advertisement

Tiller spoke at the 2016 Sohn Conference as a part of the "next wave" class, and his bio from the conference notes that he was a portfolio manager of an energy mutual fund for Fidelity before working for Steve Cohen, and that his family owns "hundreds of acres of farmland" in his hometown of Springfield, Ohio.

NOW WATCH: Vitalik Buterin created one of the world's largest cryptocurrencies in his early twenties - here's how he did it and why

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article