Swiss Franc Surge Conquers 6 of 7 Everest Funds Mar 13 2015 | 10:09am ET Everest Capital is shutting down six of its seven funds and returning capital to investors after being blindsided by the unexpected removal of the Swiss franc’s cap against the euro in January. The resulting appreciation of the Swiss franc reportedly wiped out one of Everest’s funds, the $830 million Global Fund, in less than a day. Although the other funds had no exposure to the Swiss franc trade that sank the Global Fund, redemptions have nonetheless been high. Investors will receive about 90% of their capital back shortly after the funds close at the end of the month, according to reports. Dimitrijevic has previously announced plans to shutter the Global Fund following the Franc debacle, but eventually decided to keep just the company's $570 million emerging markets fund open. Founded by Marko Dimitrijevic in 1990 and based in Miami, $3 billion Everest is one of the oldest hedge funds in the industry. The firm specializes in emerging markets and earned industry kudos for navigating the 1998 crises in Mexico and Southeast Asia.