Harvey Capital’s SMA-free $1.8bn launch an exception to growing trend

AnalysisSubscriber content
By Will Wainewright
Photo credit: Unsplash

Harvey Capital Partners’ debut with $1.8bn made it the biggest hedge fund to launch in 2025 without separately managed account (SMA) backing from a multi-manager.

Former King Street Capital partner Paul Goldschmid started his credit-focused hedge fund without going down the SMA route or giving up economics in the firm.

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