HRJ Capital Drops The Ball
HRJ Capital, the fund-of-funds manager formed in 1999 by a pair of ex-NFL stars, has hit its two-minute warning. The San Francisco-based firm is unable to pay back a $68.9 million warehouse loan it received from Silicon Valley Bank, and is now negotiating a settlement that could include SVB taking over management of HRJ's funds (with some HRJ pros likely joining SVB). If that were to happen, SVB would use the management fees to slowly pay off the debt. Also worth noting that "negotiating" is a very soft word for what's going on, given that SVB basically holds all the cards here.
16 December 2008•4 mins read
