A Texas power fund returned 188% — then shrank to a tenth and closed

e360 Power, a Texas energy-trading firm with fewer than ten employees, ran one of the hottest macro funds of the energy crisis years. Trading US natural gas and power markets, the flagship e360 Power Fund returned 188% in 2021 and 97% in 2022, and assets under management reached about $400 million by mid-2024.

Then the volatility that made the fund ran against it. Losses and investor redemptions — including the price shock that hit US energy markets after the April 2025 tariff announcements — drained the flagship to under $100 million, a base too small to justify operating costs. In December 2025 e360 closed the fund and moved the remaining capital into separately managed accounts under a lower-volatility strategy.

By mid-2026 the firm had raised fresh capital and reported gains of roughly 8–10% in the first five months of the year. It was the second flagship wind-down at e360 in less than a decade: the firm survives by restarting smaller, but the strategy that made its name no longer exists as a fund.