A hedge fund run by the scion of New York real estate dynasty is returning money to outside investors amid poor performance, according to documents seen by Business Insider.
The fund is O-Cap Management, a small New York-based hedge fund managed by Michael Olshan, the son of Morton Olshan, the chairman and founder of commercial real estate giant Olshan Properties.
Morton Olshan began buying real estate properties in the 1950s and amassed an enormous portfolio of properties in Manhattan and beyond. Today, Olshan Properties owns and manages “14,000 units of multifamily, 10 million square feet of retail, 3 million square feet of office and 1,447 hotel rooms located across 11 states,” according to the company’s website.
Andrea Olshan, Morton’s daughter and Michael’s older sister, runs the family real estate business today.
O-Cap manages money for Michael Olshan and his family; documents filed with the Securities and Exchange Commission say the firm held $14.1 million in gross assets in its primary fund at the end of March, 56 percent of which belonged to management.