Exact(13)
But what happens if the fund starts to drop?
Leon Black's hedge fund starts buying the debt for as little as 20c on the dollar.
If a fund starts to show losses, its backers may lose faith in its trades.
The pension fund starts sending monthly checks to his escrow account.
And until the fund starts selling bonds, there is no way of telling whether investors will buy them".
"I am often asked, how long do we have to wait before the fund starts to do better?
Similar(47)
The fund started in 1980.
The fund started buying shares in January 1998, paying £8.03.
The Morgan Stanley Competitive Edge Best Ideas fund, started in February 1998, was an early entrant.
The fund, which was started last year with $6.3 billion, was the largest hedge fund start-up.
Council members will have the option of investing in the fund starting next year.
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