Pickens' funds rake in 79% gain

NEW YORK: T Boone Pickens, the billionaire energy investor hit by losses and client redemptions in 2008, is raising money after his hedge funds gained as much as 79 percent this year, according to two people familiar with the matter.

Pickens, 81, met with potential investors in New York over the past two weeks, said the people, who asked not to be identified because the information is private. BP Capital LLC, his Dallas-based firm, is seeking to expand its Energy Equity Fund II, which invests in stocks and futures, and Energy Fund II, which trades futures only, they said. These are follow-on versions of funds that Pickens closed to new investors.

BP Capital, which manages about $500 million, had more than $4 billion at the start of 2008 before the original Energy Fund fell 98 percent and first Energy Equity Fund lost 64 percent, according to the firm's marketing documents. Oil fell 54 percent last year, tumbling from a record high of $147 a barrel. Pickens sold investments, and in October lifted restrictions on client withdrawals.