In this day and age, when many hedge funds are shutting the door to new investors to avoid watered-down returns, Appaloosa Management is preparing to hang a welcome sign. The New York-based hedge fund founded by David Tepper 13 years ago is reopening to existing investors and newcomers in an effort to raise $1.8 billion over the next two years to “enhance and protect our current positions, including Delphi Corp. and Dana Corp.,” according to a letter to its investors. Appaloosa’s strategy is viewed as “radical,” The Wall Street Journal reports, because it has generally shunned additional investment from existing clients and hasn’t let outsiders in. In addition, the HF has built its firm by acquiring stocks and bonds from struggling companies. This time, it is driven by a desire to boost its influence over auto-part manufacturers Delphi and Dana by acquiring larger stakes as the companies emerge from bankruptcy. According to the Journal, that could occur in the first half of 2007 for Delphi and within 18 months to two years for Dana. Tepper acknowledged in the letter that he doesn’t like to raise money this way because it could dilute returns – Appaloosa saw annualized returns of 50% over the past three years – but he was doing it this time to make sure investors get their “fair share” when the companies get back on their feet.