Star manager Bruce Berkowitz's Fairholme Capital Management LLC is opening up its nine-month-old hedge fund to institutional investors, The Wall Street Journal reported on Sunday.
Launched on January 1 by Miami-based Fairholme, the Fairholme Partnership LP hedge fund has grown to $140 million largely through investments by Berkowitz and his employees, according to the newspaper.
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Berkowitz is now looking for institutional investors to put money into the fund, with hopes that it will grow to $1 billion in assets in a year, according to the Journal.
Institutional investors must put at least $5 million into the fund and agree to keep their money in the portfolio for one, three or five years, according to the report.
(Reporting by Jessica Toonkel; Editing by Kenneth Maxwell)