$100mm+ Hedge Fund Launches by Indaba Capital & Ionic Capital

A couple of hedge fund managers are proving that the fund raising environment for new launches is improving. Earlier this month, newly formed Indaba Capital launched its first hedge fund with a reported $150 million in assets under management, while Ionic Capital Management has reportedly raised more than $100 million for its newly launched convertible bond focused hedge fund.

Indaba Capital, which employs an event-driven strategy, was founded last year by Farallon Capital veteran Derek Schrier. While at Farrallon, Schrier was responsible for managing credit investments. Indaba only targeted a limited number of investors for the launch and hopes to double its assets during the second quarter when it opens up to outside investors.

To view HedgeTracker’s lists of Top Hedge Fund Launches, please click below:

Top Hedge Fund Launches of 2011
Top Hedge Fund Launches of 2010
Top Hedge Fund Launches of 2009

For Detailed Investor Profiles on these Investors, click below
Indaba Capital Management

Ionic Capital Management LLC

Hedge Fund Jobs

Here are some recent hedge fund job postings that I thought were of particular interest:

• High Yield/Distress/Credit Arb Analyst - Third Avenue Management, New York, NY


• Sustainability Research Analyst - Pax World Management Corporation, Portsmouth, NH


• Hedge Fund Analyst - Confidential, New York, NY


• Buyside Technology Analyst - Balyasny Asset Management , New York, NY


• Corporate Securities Analyst - Fortress Investment Group, New York, NY

Tiger Asia unimpressive in 2010

Tiger Asia Management LLC, which was founded by Tiger Management alum Bill Hwang, revealed in a letter to investors this week that it only managed to return 0.5%, after fees, for all of 2010. According to Bloomberg, Tiger Asia’s hedge fund did, however, manage to beat its Chinese and Japanese benchmarks.
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It’s Official: Pershing Square Capital’s Bill Ackman joins JC Penney’s Board

Leading shareholder activist investor Bill Ackman, who is the CEO of Pershing Square Capital Management, officially joined the board of retailer J.C. Penney Company, Inc. (NYSE: JCP) this week. Mr. Ackman joins the board with Steven Roth, who Pershing Square Capital had also nominated to the board as part of its successful activist campaign against J.C. Penney. Mr. Roth is also currently chairman of the board of Vornado Realty Trust.

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Robertson’s Tiger Management seeds Nezu Asia Capital with $50 million

Julian Robertson’s well-respected investment group Tiger Management has recently invested $50 million in Nezu Asia Capital, a hedge fund manager that oversees six funds with $400 million in assets under management. According to Reuters, Tiger Management has seeded Nezu’s long/short equity focused Nezu Asia Fund and its short-biased equity Nezu Kuma Fund, which is focused on Japan. Nezu Asia and Robertson hope to double the fund manager’s assets to $800 million by the end of this year. Former Tiger employee David Snoddy and Sohei Taki have been named the hedge fund's portfolio managers and will work out of Tiger Management’s New York offices. Nezu Asia is based in Hong Kong.

Tiger Management

Nezu Asia Capital Management

Robertson’s Tiger Management seeds Nezu Asia Capital with $50 million

Julian Robertson’s well-respected investment group Tiger Management has recently invested $50 million in Nezu Asia Capital, a hedge fund manager that oversees six funds with $400 million in assets under management. According to Reuters, Tiger Management has seeded Nezu’s long/short equity focused Nezu Asia Fund and its short-biased equity Nezu Kuma Fund, which is focused on Japan.

Level Global, Diamondback Capital, and Loch Capital raided by Feds

As part of an insider trading probe, Federal investigators have recently raided the offices of several hedge fund managers, including Level Global Investors, Diamondback Capital Management and Loch Capital Management LLC. According to the Wall Street Journal, the authorities had warrants but the investigations are still ongoing.


Diamondback Capital is led by Larry Sapanski and Level Global Investors is led by David Ganek and Anthony Chiasson, all of whom were previously senior portfolio managers at Steven A. Cohen’s SAC Capital Advisors. No reports have indicated SAC Capital's potential involvement, but the firm has been subpoenaed.


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