COVID-19 is—we hope, at worst—a once-in-a-decade kind of pandemic. But in its wake come other decennial events, mostly from the growing ranks of thirsty hedge fund managers.

D.E. Shaw & Co. is opening its biggest hedge fund to fresh cash for the first time in seven years as it seeks to capitalize on the most turbulent markets since the financial crisis.

The investment firm is raising at least $1 billion for the Composite Fund, according to a person familiar with the matter…. D.E. Shaw is only accepting cash from existing investors, and will take in the capital starting April 1

Baupost Group has spent about $1.5 billion scooping up assets in recent weeks, according to a person familiar with the matter. Amid the carnage caused by the fears around the coronavirus pandemic, he’s seeking more commitments for his hedge fund for the first time since 2011, said the person…. Clients will have two opportunities to increase their stakes in Boston-based Baupost at the end of this month and next month, the person said.

Well, it’s not like those clients have much else to do these days.

D.E. Shaw Hedge Fund to Take New Cash After Market Turmoil [Bloomberg]
Seth Klarman Sees Bargains, Baupost Seeks More Capital During Chaos [Bloomberg]