RAB Capital has received redemption requests worth $370 million from its $470 million RAB Special Situations fund, Financial Times reports. Investors in the flagship fund, which initially managed a portfolio worth $3 billion, agreed in 2008 to a three-year lock-up on their money to avoid a fire sale of assets.

The vehicle has the majority of its assets in cash, but has retained several illiquid positions in African natural resource companies that may be rolled into a successor fund. The U.K. hedge fund manager has six months to return the money to investors.

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