Hedge Fund Greylock Files for Bankruptcy in New York
Last updated: Feb 1, 2021, 9:45 AM UTC | Bloomberg
Greylock, led by Chief Executive Officer Hans Humes, is known for taking bets on troubled sovereign debt, from Greece to Lebanon.
Photographer: Cate Dingley/Bloomberg
Photographer: Cate Dingley/Bloomberg
Greylock Capital Associates filed for bankruptcy proceedings in New York after years of negative returns triggered fund withdrawals.
Assets under management at the hedge fund --which more than halved since 2017 to $450 million at the end of 2020-- will drop to $100 million by the end of March after the firm recorded three years of losses, according to a filing dated Jan. 31, signed by Chief Financial Officer David Steltzer.
{"contentId":"QNUEDHDWX2PV01","position":"outstream","dimensions":{"large_desktop":[[1,8]],"small_desktop":[[1,8]],"tablet":[[1,8]]},"strategy":"always","type":"Outstream Video Native Ad","targeting":{"position":"outstream","url":"/news/articles/2021-02-01/hedge-fund-greylock-files-for-bankrupcty-in-new-york"},"containerId":"outstream-video-1-QNUEDHDWX2PV01"}
{"contentId":"QNUEDHDWX2PV01","position":"outstream","dimensions":{"mobile":[[1,8]]},"strategy":"always","type":"Outstream Video Native Ad","targeting":{"position":"outstream","url":"/news/articles/2021-02-01/hedge-fund-greylock-files-for-bankrupcty-in-new-york"},"containerId":"outstream-video-2-QNUEDHDWX2PV01"}
Greylock, led by Chief Executive Officer Hans Humes, is known for taking bets on troubled sovereign debt, from Greece to Lebanon. The Chapter 11 proceedings will allow Greylock to terminate its lease in Madison Avenue, Manhattan, which costs about $100,000 per month.
{"contentId":"QNUEDHDWX2PV01","position":"box","dimensions":{"mobile":[[300,250],[3,3],[1,1],"fluid"]},"type":"Mobile Body Box Ad","positionIncrement":1,"targeting":{"position":"box1","positionIncrement":1,"url":"/news/articles/2021-02-01/hedge-fund-greylock-files-for-bankrupcty-in-new-york"},"containerId":"box-DyQPAfo"}
The firm currently employs nine people and is in talks with its remaining major investors, confident that the business can “successfully reorganize and continue as a going concern” after the bankruptcy.