Hedge Funds

Ex-Tricadia’s Black Said to Get $300 Million

September 30, 2014

BY SABRINA WILLMER AND KELLY BIT Mark Black, a former money manager at Tricadia Capital Management LLC, started a distressed-focused hedge fund with close to $300 million to take advantage of opportunities expected to increase once the market turns, according to three people with knowledge of the matter. Blackstone Group LP, Pacific Alternative Asset

Bass’s Bearish Call on China, India

September 23, 2014

Kyle Bass, founder of Hayman Capital Management, said he was avoiding investing in China and India because of concern about China’s shadow-banking industry. “The size of the shadow-banking industry makes it uninvestable,” Bass said Sept. 16, 2013 about China at the 19th Annual Alpha Hedge West Conference. “We’re staying away from China. We’re staying

Everest Capital Gains 16% on Middle East Bets

September 16, 2014

BY SIMONE FOXMAN Marko Dimitrijevic’s emerging markets-focused Everest Capital has gained 16 percent this year in its main fund largely from investments in the United Arab Emirates, Saudi Arabia and Brazil, according to a letter to investors. “A lot of people are still in the mindset of the previous decade or decades where

Blackstone Said to Commit $200M to Brown’s Fund Firm

September 9, 2014

Blackstone Group LP has committed $200 million to Arkkan Capital Management Ltd., run by a former head of Goldman Sachs Group Inc.’s Global Special Situations Group, said a person with knowledge of the matter. Blackstone invested $150 million in Jason Brown’s Hong Kong-based special situations hedge-fund firm on Sept. 1, the person said. Arkkan

Oaktree Sees Trickle of European Debt Disposal

September 2, 2014

John Frank, the managing principal of the world’s largest distressed-debt investor Oaktree Capital Group LLC, says he’s underwhelmed by the record amount of bad loans being offloaded by European banks. While disposals accelerated this year, the flow of new assets into the market is more of a “trickle” than the flood the Los Angeles based firm

Blackstone Said to Be in Talks to Seed Arkkan Capital

August 26, 2014

Blackstone Group LP is in talks to back a Hong Kong-based distressed fund started by Jason Brown, a former global head of Goldman Sachs Group Inc.’s Special Situations Group, said two people with knowledge of the matter. Brown’s Arkkan Capital Management Ltd. will focus on Asian opportunities with the flexibility to invest globally, said

Jana’s Bullish Call on Japan Airlines

August 19, 2014

Jana Partners LLC, the activist firm run by Barry Rosenstein, took a stake in Japan Airlines Co, Bloomberg Brief: Hedge Funds reported in July 2013.“JAL re-emerged as a public equity in September of last year after three years in bankruptcy with a clean balance sheet, a slimmed-down cost structure, a modernized fleet, and

Ex-Highfields’ Sidman Said to Raise $1.2Bln

August 12, 2014

BY SABRINA WILLMER Three Bays Capital LP, started by former Highfields Capital Management LP money manager Matthew Sidman, has raised $1.2 billion for an event-driven hedge fund within months of starting the pool. Sidman, who spent 14 years at Highfields, started the fund with $500 million in January, according to two people with knowledge

Ex-Bridgewater Analyst Starts No-Fee Fund

August 5, 2014

Howard Wang, a former analyst at Bridgewater Associates LP, says most hedge fund performance mirrors the broader market, failing to justify the high fees collected. That’s why Convoy Investments LLC, the global macro fund he started in November with former Bridgewater software engineer Robert Wu, isn’t charging a performance fee to investors and only

Singer Cautions of Electromagnetic Pulse Event

July 29, 2014

Paul Singer’s Elliott Management Corp. warned investors of the risk of an electromagnetic pulse event massively disrupting the electronic grid in a wide-ranging investor letter that took shots at central bankers, social media and U.S. foreign policy. “While these pages are typically chock full of scary or depressing scenarios, there is one risk that