About half of the investors in T. Boone Pickens's energy-oriented equity hedge fund have asked to withdraw their money on the heels of losses of about 60% this year, according to people close to the matter. Mr. Pickens and his investment firm have lost $2 billion since peaking in late June, Mr. Pickens said Sunday on the CBS program "60 Minutes."

His fund, BP Capital, will have about between $400 million and $500 million after expected withdrawals. It started the year with about $2 billion. A few weeks ago, Mr. Pickens moved the fund almost entirely into cash to help ride out the volatility in the energy patch, according to people close to the matter.

Mr. Pickens is expected to personally hold about 20% of the fund after the withdrawals, or about $100 million, after he does some selling along with his investors. He has lost an estimated $400 million or so in his funds this year. . . .

Two weeks ago, Mr. Pickens wrote to his investors, saying he would allow them to make early withdrawals, and they could do so immediately. He was able to offer them that option because Mr. Pickens had moved the fund into cash. The deadline for presenting the hedge fund with a withdrawal notice was Monday. As of late in the day, it was unclear how many investors would remain, though an associate of Mr. Pickens estimated the figure was around 50%. Mr. Pickens's smaller commodity fund, which started the year at almost $600 million, lost 84% through August.

Mr. Pickens has told associates he is gearing up for his latest comeback. "I'll get it back," he told "60 Minutes."



Anyone remember the Ads he was running earlier this year?