Quant hedge fund giant Two Sigma is said to have stopped raising capital for its real estate unit and cut senior executives.

Quantitative fund giant Two Sigma Investments has reportedly cut senior staff in its real estate division and stopped raising capital for it, just two years after opening it to outside money. According to people familiar with the matter, Rich Gomel, a partner and chief investment officer of the division, will leave. Other members of the real estate leadership team will also depart. It is reported that Two Sigma sought to raise about $2 billion for the division, but ultimately completed less than half of that target amid a challenging fundraising environment.