Billionaire familly sells stake in own hedge fund

May 25, 2007 6:06 am

James Packer, Australia’s richest man, is seeking to raise A$600 million ($492 million) selling shares in Ellerston GEMS Fund, giving investors access to his closely held hedge funds.Packer’s family has more than A$800 million invested in Ellerston Capital Ltd., which is owned by the 39-year-old billionaire’s Consolidated Press Holdings Ltd., according to a statement today.

read the rest of story published by Bloomberg here:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aNqB_bAC.fSE

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Billionaire familly sells stake in own hedge fund

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