(Bloomberg) — The worst year for hedge funds since 2011 is good news for Andrew Lawrence, chief executive officer of Rosebrook Capital Partners.

Lawrence, 55, is seeking to raise $250 million to $500 million for a fund that will buy stakes in hedge funds that have suspended redemptions, according to a person with knowledge of his plans. The New York-based investment firm is betting on a burgeoning opportunity to acquire the interests at a discount from investors looking for a quick exit, said the person, who asked not to be identified because the information is private.

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