Platinum Partners will be closing its value arbitrage portfolio from July 1, 2011, HFMWeek reports. The $950 million multi-strategy manager will shut the Platinum Partners Value Arbitrage Fund to new investors.

The flagship portfolio will be closed to lock in value for existing investors. Previously, the firm launched the Level 3 Capital Fund, which is based on the sub-strategies of its flagship vehicle.

Click here for the story from HFMWeek.