Sources: investor interest in Situational Awareness surged after it nearly blew up on leveraged positions; the fund says it's not accepting new capital for now
THE SO WHAT
A fund nearly blows up on leverage, then sees inbound surge and has to shut the door — risk appetite is back to chasing narrative, not underwriting. If you’re running anything with embedded leverage, assume counterparties and LPs will be pro-cyclical and build your own brakes.
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