Scion Asset Management's most recent incarnation was essentially a friends-and-family fund.

Judge as of 2025-11-19. True: regulatory filings (SEC Form ADV, Form D) or reliable reporting show that Scion Asset Management's recent private funds had a small, concentrated investor base drawn mainly from Burry's personal circle, family, friends and long-time associates, with no broad institutional marketing. Mostly true: the investors were mostly personal connections but included a few outside or institutional investors. Mixed: the evidence is split, e.g. a meaningful share of outside or high-net-worth clients without a personal connection. Mostly false: the investor base was largely unrelated outside clients, but the fund was small or closed to new money. False: Scion actively raised money from and served many institutional or unrelated investors (e.g. filings show many clients or substantial institutional assets).

Set before the research began.

1. E1 SCION ASSET MANAGEMENT, LLC formds.com (aggregator of SEC IAPD/Form ADV and Form D data) · 28 March 2025

   “| Client type | Clients | Regulatory assets | Share of AUM | |---|---|---|---| | Pooled investment vehicles | 4 | $154,933,555 | 100.0% |”

2. E2 SCION ASSET MANAGEMENT, LLC formds.com (aggregator of SEC IAPD/Form ADV and Form D data) · 28 March 2025

   “- External marketing - No”

3. E3 Burry still active in markets after Scion de-registration Hedgeweek · 19 November 2025

   “Burry said the fund had effectively been a “friends and family” vehicle and was never intended to scale.”

4. E4 Michael Burry Biography: Investor Behind Scion Capital atouchofbusiness.com · 1 September 2026

   “In 2013, he launched Scion Asset Management and sought outside investors.”

5. E5 Michael Burry Biography: Investor Behind Scion Capital A Touch of Business · 1 September 2026

   “In 2013, he launched Scion Asset Management and sought outside investors.”

6. E6 Michael Burry Biography: Investor Behind Scion Capital A Touch of Business · 1 September 2026

   “Burry closed Scion Capital in 2008 and later returned to outside-money management through Scion Asset Management.”

7. E7 Downgrade Game 2: Michael Burry vs. Artificial Intelligence – Oninvest Oninvest · 28 November 2025

   “It is no longer a registered investment adviser (RIA) and no longer manages funds for external investors”

8. E8 Downgrade Game 2: Michael Burry vs. Artificial Intelligence – Oninvest Oninvest · 28 November 2025

   “In 2000, he retired from medicine and started his own hedge fund, Scion Capital, in which he invested his own money and that of his family: his Ma gave $20,000 and his three brothers gave $10,000 each. Also Joel Greenblatt, founder of Gotham Capital put in $1,000,000 and Jack Byrne of White Mountains put in $600, 000.”

9. E9 Michael Burry closes Scion Asset Management Hedgeweek · 14 November 2025

   “Scion, which had around $155m of assets under management as of March 2025, will no longer be subject to the annual US Securities and Exchange Commission (SEC)/state filing regime that funds managing over $100m must comply with, and is no longer registered with the SEC.”

The Form ADV data aggregated by formds.com shows that Scion advised 4 pooled investment vehicles holding about $155m and did no external marketing (E1, E2, E9). That is consistent with a small, closed fund, but it says nothing about who the investors were or how they were connected to Burry. The only direct support for the friends-and-family description is Burry's own statement, as relayed by Hedgeweek (E3). On the other side, a later biography page says only in general terms that Scion Asset Management sought outside investors (E4–E6), which does not settle the question either way.