高盛神奇小子光环褪色

    过去一年虽然对冲基金普遍下跌，但赎回情况并没有很多人预想的那么严重。但是说到埃里克•明迪奇120亿美元的伊顿公园资本管理公司（Eton Park Capital Management），则另有原因。这支基金去年下跌了11%，但投资者想尽办法，还是很难拿回自己的钱。

    2008年的惨痛教训让投资者意识到了一个事实，当他们想拿回自己的钱时，基金并非是一定要退钱。虽然此后一些对冲基金放宽了赎回限制，但伊顿公园的条款仍是对冲基金业内最苛刻的。由于过去三年，伊顿公园的投资者连一毛钱也没挣上，有些人开始萌生退意。去年的净赎回额达到了基金资产管理规模的5%左右，约合7亿美元。

    明迪奇名声鹊起的原因在于，1994年，他在年仅27岁的时候就成为了高盛（Goldman Sachs）最年轻的合伙人。2004年，他离开高盛，创立自己的对冲基金时，希望能追随这位青年才俊的投资者大有人在。因此尽管明迪奇设置了或许是有案可查的、最严苛的锁定规定，他还是很快就筹到了创纪录的35亿美元。

    明迪奇的锁定规定有多苛刻？选择某一类基金单位的投资者必须同意至少27个月的投资锁定期规定，这之后如果要完全赎回，还需要有两年，因为一年只能赎回1/3（即所谓的滚动三年锁定期）。如果投资者了错过最初27个月之后的时间创口，就只能再等上27个月。而且，投资者还必须提前65天将退出意愿告知伊顿公园，并在赎回日后继续再等30天才能收到现金。想简单一点？唯一的方法就是支付6%的提前退出罚金。而且这还不是全部：伊顿公园还有权从这笔钱中抽出最多30%留在侧袋帐户中，而且想留多久就多久。

    这些条款极其恶劣，但当年投资者们对明迪奇就是言听计从，还真就同意了。这些自诩对冲基金大佬的家伙们当年真是赶上了好时候！

    投资研究公司Trim Tabs的分析师里昂•莫罗契尼克称，伊顿公园的锁定条款拿到今天简直让人听不下去。他认为，去年对冲基金赎回额低于预期，部分原因就是很多知名基金仍有锁定期。要找到和伊顿公园一样苛刻的锁定条款可不容易，特别是考虑该基金大部分投资的都是易出售证券，并不是流动性差的品种或私募股权投资。

    明迪奇拒绝发表评论。他的发言人称，基金的条款与长期投资计划相一致。

高盛光环逐渐褪去

    因此，明迪奇的高盛光环正在逐渐褪去，投资者们也开始失去耐心。对冲基金杂志《AR》亿万美元俱乐部调查（ Billion Dollar Club）的数据显示，截至去年7月，伊顿公园是美国第二十大对冲基金，管理着140亿美元资产。此后，伊顿公园的下跌大部分应归咎于投资表现欠佳。据一位了解该基金内情的人士透露，虽然伊顿公园同时也在吸纳新的资金，但截至去年12月底，该基金仍有资金净流出约7亿美元。

    After a year of losses, the exodus of investors from hedge funds hasn't been as great as many expected. In the case of Eric Mindich's $12 billion Eton Park Capital Management -- which fell about 11% last year -- that's because try as they might, investors still have a hard time taking their money out.

    Hedge funds loosened their terms after the carnage of 2008 alerted investors to the fact that funds weren't required to return the investors' cash just because they wanted it back. But Eton Park's terms remain among the most onerous in the hedge fund world. And since its investors have hardly made a dime over the past three years, some are starting to bail. Net redemptions last year reached about 5% of fund assets, or around $700 million.

    Mindich's claim to fame is being the youngest person, at age 27, to make partner at Goldman Sachs (GS) in 1994. When he left to launch a hedge fund in 2004, the fever to invest with the wunderkind was so great that Mindich raised a record $3.5 billion despite insisting on one of the most stringent lockups on record.

    Investors in a certain share class had to agree to keep the money in Eton Park for a minimum of 27 months, and it would take them another two years to get out, as they could only redeem one-third in any given year -- what's called a rolling three-year lockup. If the investor missed the window of opportunity after the initial 27 months, he couldn't try again for another 27. He also had to let Eton Park know 65 days ahead of time of his desire to exit the fund, and then would only receive his cash 30 days after the redemption date. The only way to get around these terms would be to pay a 6% early-exit penalty to the fund. And that wasn't all: Eton Park also reserved the right to place up to 30% of the fund in side pockets; that money would be stuck there as long as the firm wanted.

    The terms were egregious, but Mindich could demand them, and so he did. Such was the golden era for would-be hedge fund titans.

    These days, Eton Park's lockup provisions look extreme, says Leon Mirochnik, research analyst with Trim Tabs, who thinks last year's hedge fund redemptions weren't as high as expected, in part, because lockups still exist at many of the more prestigious funds. One is hard-pressed to find one with terms as tough as Eton Park's, especially given that the fund is largely invested in easily-marketable securities, not illiquid or private equity investments.

    Mindich declined to comment. His spokesperson said fund's terms are consistent with its long-term investment program.

Goldman glow dims

    As a result, Mindich's Goldman patina is wearing thin, as is the patience of his investors. As of last July, Eton Park was the 20th largest U.S. hedge fund and managed $14 billion, according to the AR Billion Dollar Club. Much of the decline since then is due to poor performance. But Eton Park has also been raising money, which has kept the net outflows to about $700 million as of the end of December, according to an individual familiar with the firm.