Seth Klarman’s Baupost might soon be looking to raise some cash. The super-secretive hedge fund manager, known for his conservative, measured investing approach, is considering asking his existing investors to give back some of the cash he returned earlier in the year, according to a knowledgeable source.

The source says Klarman is definitely not soliciting outside money, as he did for a short while several years ago.

In early 2008, for the first time in eight years, he opened his funds to new money, drawing on his long waiting list. Klarman pulled in about $4 billion from foundations, educational institutions ­— especially Ivy League schools — and existing investors who had one shot at deciding whether they were in or not before the door was shut tight again.

At the end of 2010, he gave back 5 percent of his total assets to investors. ....

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