T. Boone Pickens Shuttering Energy Fund

January 18, 2018 James Heinsman Hedge Fund News

Legendary oil investor T. Boone Pickens is shutting down his energy hedge fund, BP Capital. The reasons are two-fold, poor health and poor fund performance.

“It’s no secret the past year has not been good to me, from a health perspective or a financial one,” Pickens said in a confidential letter. “Health-wise, I’m still recovering from a series of strokes I suffered late last year, and a major fall over the summer. If you are lucky enough to make it to 89 years of age like I have, those things tend to put life in perspective.”

He added that the fund will now move towards a more family office structure. Employees of the fund will be leaving the company, setting out on their own.

Pickens became famous as the leader of Mesa Petroleum during the 1980s when corporate takeovers were popular. He retired at the age of 69, launched BP Capital as an energy investment firm, and promptly made his first billion dollars.

“I’ve thrived and profited on the volatility in the energy space. But for me, personally, trading oil is not as intriguing to me as it once was,” Pickens explained.

Closing BP Capital does not mean Pickens is throwing in the towel, or slowing down. He stated that he is going to work hard on recovering his health and investing in philanthropy and political causes he believes in. He will also continue to add his viewpoint to the ongoing energy discussion.

“As this chapter closes, I couldn’t be more excited at what lies ahead,” Pickens said in the letter.

BP Capital, energy market, T Boone Pickens,

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