Berkowitz Opens Hedge Fund To Institutional Investors

Mutual fund manager Bruce Berkowitz has opened his hedge fund to outside investors with the goal of reaching $1 billion in assets in a year, reports Juliet Chung for The Wall Street Journal.

Berkowitz, who is the president of Fairholme Capital Management LLC, started the fund at the beginning of the year and has raised $140 million so far, but that money mostly came from people at Fairholme. Berkowitz has hinted about the fund in the past, and has been very open about the face that mutual fund rules don’t necessarily fit his investment...