Leopold Aschenbrenner, the 24-year-old former OpenAI researcher who founded the hedge fund Situational Awareness, has started raising new money. The Financial Times, citing people familiar with the matter, reports that the fund is seeking fresh capital from its existing investors and lenders. Situational Awareness manages roughly $20 billion in assets, concentrated in AI-related stocks, and has also offered some investors the option to buy its holdings directly. The fund posted a net return of 439% year-to-date through June 30 — a surge amplified by borrowed money. That leverage, though, has since come back to bite.