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Hedge Funds Kite Lake and Astaris Prepare to Close to New Cash

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Two London-based hedge funds, Kite Lake Capital Management and Astaris, are set to close to new investors despite the broader hedge fund industry experiencing significant outflows. Kite Lake will no longer accept funds into its $1.4bn KL Special Opportunities Fund from 1 October. Astaris, meanwhile, will close to new investors once assets reach €1bn ($1.1bn). The closures come as many smaller hedge funds struggle with outflows, with investors withdrawing $216bn between 2022 and 2023 and another $39bn this year through May.