David A. Grogan | CNBC

Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016.

Paul Singer’s hedge fund firm Elliott Management Corp raised $5 billion in about 24 hours this week citing a major potential opportunity when “investor confidence is impaired,” according to letters sent to investors that were seen by Reuters.

Singer said in an email to investors on Wednesday announcing the offering of up to $5 billion that the funds would be used toward the “possibly large opportunity set that could emerge when investor confidence is impaired, recent correlations and assumptions don’t work, and prices are changing rapidly.”

In a note sent out to clients on Friday, and seen by Reuters, Elliott said that $5 billion had been raised as of Thursday.

Elliott manages $32.8 billion. That does not include the fresh $5 billion, which is set up to be drawn from investors at a later date.

Watch: Singer’s meeting with Trump