U.K. Activist Toscafund Closes Two Funds to New Money

Founder Martin Hughes says he wants to maximize net asset value and not just gather assets.

Stephen Taub December 17, 2025

Talk about bucking a trend. While money flows into activist funds faster than Carl Icahn can utter “stock buyback,” one activist hedge fund firm is actually closing two funds to new investors. U.K. activist fund manager, Martin Hughes, is closing Tosca Opportunity and its sister fund, Tosca

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