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T. Boone Pickens shuts down energy-focused hedge fund


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  • T. Boone Pickens announced Friday that he was closing
    down BP Capital, his energy-focused hedge fund. 
  • He cited health issues and a “roller coaster ride”
    while running the company.

 

T. Boone Pickens said Friday that he was shutting down BP
Capital, his energy-focused hedge fund, and transitioning towards
a family-office structure. 

Pickens, 89, cited health concerns and a loss of interest in
trading oil for this decision in a
letter
. The oil crash that began in 2014 roiled several
energy-focused funds as prices fell by more than 70%. 

Of BP Capital, which he launched in 1996, Pickens wrote:
“it has been one hell of a roller coaster ride,” adding
that oil trading was no longer “as intriguing” as it once was.
The firm’s assets totaled about $1 billion in recent years, The
Wall Street Journal
reported

Pickens said he was recovering from a series of strokes he
suffered late last year, and a “major fall” during the
summer. 

“I am creating a new plan that will include turning my full
attention to recovering my health and continuing to invest in
personal passions like promoting unbridled entrepreneurship and
philanthropic and political endeavors,” Pickens
said. 

The new family-office structure would help his fund
sidestep some of the regulatory oversight it was under while
managing a broader range of clients.  


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