Eva Dubin Gave Me Your Email: How Jeffrey Epstein Gained Access to Hedge Funds

Jeffrey Epstein secured access to hedge funds through referrals from influential individuals such as Eva Andersson-Dubin, who connected him with David Fiszel to invest in his fund, Honeycomb Asset Management. Epstein's backing came as other institutions distanced themselves from him. He was a "day one investor and co-investment partner," according to Fiszel, who raised millions from him before 2019.

The Dubins had long played a role in Epstein's financial affairs. Glenn Dubin had earlier introduced Epstein to Highbridge Capital Management, co-founded by his wife, where Epstein invested millions over the years. Epstein described their relationship as professional, though it involved significant financial decisions.

Epstein also maintained ties to other hedge fund managers, such as Ari Glass of Boothbay Fund Management. Epstein had more than $55 million invested there as of 2019. Glass, who had frequent communication with Epstein and his associates, redeemed his investment after Epstein's arrest.

Why Did Epstein's Access to Hedge Funds Persist?

Epstein's relationships with hedge fund managers were partly driven by their need for capital. In 2016, he invested in Fiszel's fund while it was still growing, with Fiszel referring to Epstein as a "great partner." Fiszel also sought referrals from Epstein to boost his fund's assets.

The Dubins acted as intermediaries in Epstein's financial dealings. Glenn Dubin described how he would advise Epstein on allocating capital during the early 2000s. Epstein also introduced Dubin to JPMorgan's Jes Staley, which helped in Highbridge's eventual sale to the bank.

What Were the Legal and Ethical Implications for Hedge Fund Managers?

Legal scrutiny has surrounded some of Epstein's investments. For example, Epstein invested in Daniel Zwirn's fund through Dubin's recommendation. A dispute arose when Epstein wanted to redeem his money, leading to a protracted legal battle. The Dubins claimed they attempted to mediate the situation.

Some hedge funds, like Valar, which is co-founded by Peter Thiel, were also linked to Epstein. Documents show that Epstein had more than $28 million in two of Valar's funds in 2019.

Hedge fund managers have distanced themselves from Epstein post-arrest. Ari Glass stated he had a strictly business relationship with Epstein and redeemed him after the 2019 arrest.

What Are the Investor Implications for Smaller Hedge Funds?

Smaller hedge funds like Honeycomb relied heavily on Epstein's capital in their early years. Fiszel's fund grew to $1.5 billion in 2020 but had dwindled to $552 million by 2025. Fiszel cited market pessimism as the reason for closing the fund.

The financial relationships between hedge funds and Epstein raise questions about due diligence and ethical responsibilities. Fiszel stated that he informed federal prosecutors after Epstein's arrest in an effort to assist victims.

Investors and regulators continue to examine the extent to which hedge funds benefited from Epstein's wealth and the safeguards they had in place to avoid reputational or legal risks.