Millennium’s Jain Is Stepping Back as Hedge Fund Shuffles Management (Bloomberg)
Millennium Management’s Bobby Jain is “stepping back” from his role as co-chief investment officer in one of the biggest overhauls at the top of the $59 billion hedge fund firm. Founder Izzy Englander, 74, is establishing an office of the CIO, which will include two new co-CIOs and two heads of asset class risk management, he said in a memo to staff on Tuesday evening a copy of which was seen by Bloomberg. Paul Russo, currently global head of equities risk, will become one of the new co-CIOs. His counterpart, who wasn’t identified, will join in May.
More Losses For Tiger Global From Its FTX Investment (Forbes)
The hedge fund headed by billionaire Chase Coleman has been among the most prominent investors in Sam Bankman-Fried’s FTX crypto exchange. On Tuesday, Binance CEO Changpeng Zhao tweeted that his firm was buying FTX’s non-U.S. businesses to rescue it from what he said was a “significant liquidity crunch.” According to Zhao, commonly known as CZ, the two firms signed a non-binding letter of intent, subject to Binance conducting due diligence over the coming days. Bankman-Fried used Twitter to confirm a “strategic transaction” with Binance.
Icahn’s Private Hedge Fund Posts Third-Quarter Loss (Institutional Investor)
The octogenarian activist’s investment portfolio is still slightly up for the year. Carl Icahn’s private hedge fund suffered a small loss in the third quarter, but it remained in the black for the year. Icahn’s investment portfolio was down 1.9 percent for the September three-month period but up 2.4 percent over the first nine months of the year, according to the third-quarter report.
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Alcur Select Opened for Fresh Capital (Hedge Nordic)
Stockholm (HedgeNordic) – The best Nordic hedge fund of 2021, Alcur Select, is re-opening for new subscriptions after being closed to new investors since early 2021. With SEK 3.35 billion under management, the small-cap-focused equity fund managed by Wilhelm Gruvberg is looking to raise an additional SEK 200 million in fresh capital. Alcur Fonder manages two hedge funds with different risk-reward profiles. Alcur Fonder’s first hedge fund, Alcur, is a low-net long/short equity fund launched in early 2007.
Cohesive Capital Makes Headway Toward a $450 Million Goal for Co-Investment Fund (The Wall Street Journal)
Cohesive Capital Partners, a private-equity firm founded by former Citigroup Inc. executive John Barber, has rounded up around $250 million so far for its fourth co-investment fund, according to people with knowledge of the offering. The amount raised to date puts the fund, Cohesive Capital Partners IV LP, more than halfway toward the New York firm’s $450 million target, the people said. Cohesive itself is committing $27 million to the new fund, or around 6% of the targeted total, they added.
