Yeah this would be my first question too. Even beyond that, many (most?) hedge funds have an employee investment scheme where employees have a special vehicle via which they can invest into the fund performance without having to meet the often egregious criteria (e.g. not everyone has $100mln lying around in cash to meet minimum investment thresholds).

Maybe he was supposed to blow it on lifestyle to stay hungry and doesn’t want to own up to the FU money.