One year after one of the hedge fund industry's most talked-about collapses, failed fund manager Jeffrey Larson is raising capital for a new fund. 

The three-year old fund Sowood Capital, headed by Larson, lost roughly $1.5 billion of its estimated $3 billion in in a matter of weeks in the summer of 2007. Larson achieved fame in the hedge fund world with his work for Harvard University's endowment fund, where he produced returns averaging 15% between 1991 and 2004.

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