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Lampert Plans to Raise Billions for ESL Fund

Eddie Lampert, the billionaire hedge fund manger and controlling shareholder of Sears Holdings, is embarking on an effort to raise billions in new money for his widely successful hedge fund, ESL, according to people familiar with the situation.

ESL is already a giant, with assets in excess of $18 billion. But Lampert has rarely raised new money. Almost all the assets in the fund are the result of compounding, given his 19 year old fund has delivered annual returns, net of fees, that approach 30%. And the fund’s largest position, a 40% stake in Sears Holding, is not exactly liquid.

Rather than raise money by pursuing his own marketing strategy, Lampert has enlisted Goldman Sachs to raise him what is expected to be between $3 and $5 billion. Goldman will essentially be doing a private placement of limited partnership units in ESL. The minimum investment is $25 million

read the rest published by CNBC here:

http://www.cnbc.com/id/19171308/