高盛神奇小子光環褪色

????過去一年雖然對沖基金普遍下跌，但贖回情況并沒有很多人預想的那么嚴重。但是說到埃里克?明迪奇120億美元的伊頓公園資本管理公司（Eton Park Capital Management），則另有原因。這支基金去年下跌了11%，但投資者想盡辦法，還是很難拿回自己的錢。

????2008年的慘痛教訓讓投資者意識到了一個事實，當他們想拿回自己的錢時，基金并非是一定要退錢。雖然此后一些對沖基金放寬了贖回限制，但伊頓公園的條款仍是對沖基金業內最苛刻的。由于過去三年，伊頓公園的投資者連一毛錢也沒掙上，有些人開始萌生退意。去年的凈贖回額達到了基金資產管理規模的5%左右，約合7億美元。

????明迪奇名聲鵲起的原因在于，1994年，他在年僅27歲的時候就成為了高盛（Goldman Sachs）最年輕的合伙人。2004年，他離開高盛，創立自己的對沖基金時，希望能追隨這位青年才俊的投資者大有人在。因此盡管明迪奇設置了或許是有案可查的、最嚴苛的鎖定規定，他還是很快就籌到了創紀錄的35億美元。

????明迪奇的鎖定規定有多苛刻？選擇某一類基金單位的投資者必須同意至少27個月的投資鎖定期規定，這之后如果要完全贖回，還需要有兩年，因為一年只能贖回1/3（即所謂的滾動三年鎖定期）。如果投資者了錯過最初27個月之后的時間創口，就只能再等上27個月。而且，投資者還必須提前65天將退出意愿告知伊頓公園，并在贖回日后繼續再等30天才能收到現金。想簡單一點？唯一的方法就是支付6%的提前退出罰金。而且這還不是全部：伊頓公園還有權從這筆錢中抽出最多30%留在側袋帳戶中，而且想留多久就多久。

????這些條款極其惡劣，但當年投資者們對明迪奇就是言聽計從，還真就同意了。這些自詡對沖基金大佬的家伙們當年真是趕上了好時候！

????投資研究公司Trim Tabs的分析師里昂?莫羅契尼克稱，伊頓公園的鎖定條款拿到今天簡直讓人聽不下去。他認為，去年對沖基金贖回額低于預期，部分原因就是很多知名基金仍有鎖定期。要找到和伊頓公園一樣苛刻的鎖定條款可不容易，特別是考慮該基金大部分投資的都是易出售證券，并不是流動性差的品種或私募股權投資。

????明迪奇拒絕發表評論。他的發言人稱，基金的條款與長期投資計劃相一致。

高盛光環逐漸褪去

????因此，明迪奇的高盛光環正在逐漸褪去，投資者們也開始失去耐心。對沖基金雜志《AR》億萬美元俱樂部調查（ Billion Dollar Club）的數據顯示，截至去年7月，伊頓公園是美國第二十大對沖基金，管理著140億美元資產。此后，伊頓公園的下跌大部分應歸咎于投資表現欠佳。據一位了解該基金內情的人士透露，雖然伊頓公園同時也在吸納新的資金，但截至去年12月底，該基金仍有資金凈流出約7億美元。

????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.