Investors pulled about $2.5B from the fund in Q4, reports MarketWatch, and AUM stood at $5.2B at year-end vs. $8.5B three months earlier.
Claren Road lost 39% in assets under management in three months. That's one bumpy quarter.
Carlyle's former hedge fund, Blue Waver Partners, invoked water images. Carlyle rolled up Blue Wave Partners months before the 2008 financial tsunami.
What imagery awaits clients of PEU hedge funds? Off road, treacherous, heavy seas or bucolic, peaceful and placid. Smaller would be a good start.