Caxton Associates, LLC is a is one of the world's largest hedge funds and trades using a global macro strategy. It was founded by Bruce Kovner, a Harvard student and the chairman of the conservative American Enterprise Institute (AEI) in 1983 and serves as his investment vehicle.[1] It is known as one of the most enigmatic and secretive hedge funds globally, and is required to disclose little due to its macro hedge fund status. [2] It is controlled by Caxton Corporation - Kovner is its sole shareholder - which in turn is the majority shareholder of Caxton Associates.[3] It has offices in New York, London's Mayfair district and Princeton, NJ, employing 260 people and due to its large assets under management, but employee light structure, is similar to KKR and Marshall Wace.[4] It was ranked as one of the 10 largest hedge funds in the world with $14 billion in assets.[5] Caxton closed their fund to new investors in 1992.[6] Now it is ranked as the 38th largest hedge fund with $13 billion in assets, according to Institutional Investor's Hedge Fund 100, from 16th in 2007.[7] It was ranked as the largest hedge fund 2 years in a row by Hedge Fund 100 for 2003 with $11.5 billion in assets, and 2002.[8].
Many of the investments of Caxton are arranged through offshore subsidiaries controlled by Caxton located in the British Virgin Islands, Caxton International, a corporation of said origin, and Hamilton, Bermuda.[9] Known investments are 5.1% positions in Intervoice, Inc.[10], the biopharmaceutical firm, Tercica, Inc.[11] It was the largest shareholder, with an 11% stake in projector manufacturer InFocus.[12][13] until a private sale in late November, 2007 to Credit Suisse.[14]
Kovner had learned trading while working for Michael Marcus at Commodities Corporation (now part of Goldman Sachs International), before embarking on his own with the founding of Caxton.[15]
On December 21, 2007, Caxton-Iseman Capital, a joint investment partnership Caxton Associates and Frederick Iseman announced that it had completed its spin-off from Caxton Associates. Caxton-Iseman Capital will change its name to CI Capital Partners LLC.[16]
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