(Bloomberg) The $1.5 billion India wager that went horribly wrong for some of the world’s biggest hedge funds began with a tantalizing offer. It was a rare chance to invest in prime real estate in one of the fastest-growing economies on Earth. The private equity style venture — steered by a politically connected Indian businessman, a former Goldman Sachs Group Inc. partner, and a one-time principal at Michael Dell’s investment firm — promised to deliver outsized returns with a unique combination of local expertise and world-class corporate governance.
Hedge Fund Titans Who Bet Big on India Now Say They Were Scammed
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