Attention Public Company CEOs: Dan Loeb Just Raised $2.5 Billion To Spend On Pens, Paper, Ruining Your Life

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As those of you familiar with the career of Daniel S. Loeb know, the hedge fund manager makes a nice chunk of change each year through activist investing. While the boards of most public companies view activist investors in general as people who show up to their home uninvited, take a shit on their staircase and then demand to know how anyone in good conscience could live in such squalor, to view Loeb as just one of many would be like lumping Pavarotti together with a bunch of glee club dropouts.

The man, quite simply, has elevated the art of activist investing, through his trademark letters (all of which include a potent, poetic blend of sarcasm, self-regard, belittling attacks on management competence, and lengthy prescriptions for change) and delightful flourishes like tasking his best researchers with uncovering damning details about the objects of his wrath, like, for instance, that they lied about their college majors. Anyone who has watched him at work will agree: he is an artist.

And now, he's got even more money than usual to spend on fieldwork, correspondence, and possibly skywriters who will be paid to leave a fluffy white "Just Quit Already" above various chief executives' homes and offices.

New York hedge-fund manager Daniel Loeb has raised a $2.5 billion war chest to spend on several new activist situations, potentially by the end of the year, according to people familiar with the matter. Mr. Loeb's Third Point LLC raised the money over about two weeks this summer, the people said. The amount is one of the largest sums a hedge fund has amassed so quickly, according to fund experts. Pent-up demand for Third Point, which returned more than $1 billion to investors recently, likely contributed to the interest, some of the people said, but the hefty raise also illustrates investors' continued appetite for exposure to activists, who have produced some of the strongest returns by hedge funds this year.

Daniel Loeb's Third Point Raised $2.5 Billion in Two Weeks [WSJ]

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