Professional football Hall of Famers Joe Montana and Ronnie Lott are punting on a pair of hedge funds that got sacked by the blowups on Wall Street.
HRJ Capital, founded by the two legendary San Francisco 49ers’ and their former teammate Harris Barton, are turning out to be the latest victims of the ongoing implosion in the hedge fund universe.
The roughly $2.5 billion California investment venture is shuttering its HRJ Legends Multi-Strategy Plus Fund and an affiliated investment vehicle due to punishing performance.
The pain began for the hedge fund vehicle last July when it reported a loss of 12.3 percent – but matters have only gotten worse for the NFL star-laden fund.
HRJ operates as a fund of funds, which places money in a roster of other hedge funds in order to offer investors a diversified basket of investments. Unfortunately, HRJ has been invested in funds that are suffering or are also shutting down.
According to industry newsletter Hedge Fund Alert, investors may have to wait to get their money back in HRJ because of so-called gates and lockups that the hedge funds it invested in have put in place.
Montana joined HRJ as a managing partner, but later gave up the job.