A former SAC Capital portfolio manager closing his $1 energy billion hedge fund after only three years of trading

Precocity Capital, an energy-focused hedge fund that began trading in mid-2016, is closing down, sources tell Business Insider.Nick Tiller, a former portfolio manager for Steve Cohen's SAC Capital and Fidelity, started the fund and ran more than $1 billion as recently as last March, regulatory filings show.Precocity Capital, an energy-focused hedge fund run by former SAC Capital PM Nick Tiller, is closing down, according to sources familiar with the matter.The hedge fund managed more than $1 billion as recently as last year, regulatory filings show, and began trading less than three years ago, in mid-2016.Tiller founded the firm after more than 10 years at Steve Cohen's SAC Capital, where he oversaw more than $1 billion in equity and commodity strategies. Past reports also note that Tiller was responsible for building out the fund's energy group.Tiller could not be reached for comment.See more: Bill Ackman's Pershing Square says it's 'returning to its roots,' and it shed a third of its staff as a part of the journeyLast year was one of the toughest for launches in the industry, as data from Preqin show that liquidations outpaced launches for the first time since the hedge fund research firm began tracking the industry in 2013.Sign up herefor our weekly newsletter Wall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals.Tiller left SAC in 2013 and founded a non-profit organization that consults with and invests in companies creating more sustainable energy and food practices known as Sustainable America. The non-profit had a little under $1 million in assets at the end of 2016, according to regulatory documents, and has partnered with organizations focused on reducing food waste and finding alternative fuel sources.Tiller spoke at the 2016 Sohn Conference as a part of the "next wave" class, and his bio from the conference notes that he was a portfolio manager of an energy mutual fund for Fidelity before working for Steve Cohen, and that his family owns "hundreds of acres of farmland" in his hometown of Springfield, Ohio.Join the conversation about this storyNOW WATCH: A Wharton professor and organizational psychologist says leaders promote the wrong people, exit interviews miss the point, and there's an easy way to find out if someone is stealing
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