Hedge fund mogul Paul Singer is looking to raise another $2 billion for his $22 billion Elliott Management, The Post has learned.
Singer told investors this week that he wants to build up a sizable war chest to put to work in anticipation of another “abrupt shift” in the markets, like what happened in 2008.
At that time, his fund moved quickly to buy such assets as the bankrupt debt of Lehman Brothers. Elliott made a bundle off its efforts, gaining more than 30 percent in 2009.
“We believe that the next large pool of opportunities is likely to develop suddenly, and in significant size, and the entry points to establish desirable positions may disappear just as quickly,” the firm wrote to investors in an email Tuesday announcing the capital raise.
The Post obtained a copy of the email.
Although Singer’s Elliott has made waves recently for activist plays in names like Hess, distressed debt still made up 75 percent of its profits at the end of June, according to an investor.
Elliott’s funds rose a little more than 5 percent through June, trailing the 7 percent gain for the Absolute Return Distressed Index.