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The War Chests that Hedge Fund Managers Are Building

Co-investment vehicles are a way of keeping investors happy while locking up their capital in illiquid strategies.

       Lionel Erdely, InvestcorpBarry Rosenstein of Jana Partners, William Ackman of Pershing Square Capital Management, Nelson Peltz of Trian Partners and Jeffrey Smith of Starboard Value have a fairly easy way to gather ownership stakes outside their main portfolios when they think a company needs an overhaul. These activist fund managers

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