Singer’s back on the take

Billionaire Paul Singer is reopening his hedge fund to additional cash to take advantage of upcoming investment opportunities, according to people familiar with the matter.

Investors will be able to start committing their money to the multistrategy hedge fund in the second quarter, said one of the people, who asked not to be identified because the information isn’t public. The capital may be put to work within two to three years.

Singer’s $32.8 billion Elliott Management raises money by securing commitments from investors and calling on that capital at a later date when the opportunity is ripe.

This fundraising method, which is atypical for the industry, allows managers to have money at the ready to make investments.

The last time Elliott opened to fresh capital in this manner was in 2015. It raised $3.8 billion that year and $3.3 billion in 2013, through a combination of new money and extensions of previously committed capital, the person said. It gathered $3. 5 billion in 2012 and $2.4 billion in 2010.

Elliott gained 13.1 percent last year in its flagship fund, beating the 5.3 percent gain of the average multistrategy fund, according to Hedge Fund Research. The firm, which Singer founded in 1977, has one of the best long-term track records in the industry.