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Hedge Fund and Insider Trading News: David Rich, Autonomy Capital, Third Point LLC, Intercept Pharmaceuticals Inc (ICPT), Procter & Gamble Co (PG), and More

A Lobbyist Gave $900,000 in Donations. Whose Money Is It? (The New York Times)
Of all the billionaires, hedge fund managers and chief executives who have showered politicians in New York with money in the last five years, no one has given more often than David C. Rich. Since 2014, Mr. Rich has doled out more than 200 contributions totaling over $900,000. Last year alone, he gave away nearly a quarter of a million dollars across dozens of campaigns, according to an analysis by The New York Times, and has donated at least 39 times so far this year. The scale of personal contributions put Mr. Rich in the rarefied ranks of the fabulously wealthy, like Steven A. Cohen, the investor, and the Walton family, heirs to the Walmart fortune, who write huge checks to favored causes, often to charter schools.

Hedge Funds From Autonomy to Odey Tumble on Argentine Swoon (Bloomberg)
Big hedge funds thought they could maneuver through the minefields of Argentine politics. Instead, they got clobbered. Autonomy Capital and VR Capital Group saw their gains for the year wiped away after starting August with wagers on the South American nation. Famed short seller Crispin Odey and Glen Point Capital also saw losses.

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Alex Oakenman / shutterstock.com

Exclusive: Third Point Builds Stake in Ray-Ban Maker EssilorLuxottica – Sources (Reuters)
(Reuters) – Third Point LLC, the U.S. hedge fund that has pushed for changes at companies ranging from Nestle SA (NESN.S) to Campbell Soup Co (CPB.N), has amassed a stake in Ray-Ban maker EssilorLuxottica SA (ESLX.PA), people familiar with the matter said on Sunday. Third Point, run by billionaire investor Daniel Loeb, is targeting EssilorLuxottica amid a power struggle inside the world’s largest lenses and glasses manufacturer, following its formation last year through a 48 billion euro ($53 billion) merger of France’s Essilor and Italy’s Luxottica.

BharatPe raises $50 million from Ribbit, Steadview (The Economic Times)
Bengaluru: BharatPe, a QRcode based payments app for offline merchants, has closed its $50-million (Rs 357-crore) financing led by US-based financial technology-focused investor Ribbit Capital. Hong Kong-based hedge fund Steadview Capital has also joined as a new investor in the payments startup, which is now valued at $225 million (Rs 1,609 crore) after the fund-raise. TOI first reported last month about both Ribbit and Steadview being in the final stages of talks to invest in one of the fastest-growing payments startups. BharatPe’s cofounder and CEO Ashneer Grover told TOI the company’s existing investors Sequoia Capital, Beenext Capital and Insight Partners have also participated in this financing round, which follows its series-A funding of $15 million (Rs 107 crore) in April.

Pemberton Capital Advisers Raises $4.7bn on 2 Fund Closes (Opalesque.com)
The asset management group in London, Pemberton Capital Advisers closed its European midmarket strategy at €3.2bn ($3.5bn), which includes European Mid-Market Debt Fund II and U.K. Mid-Market Debt Fund, and also closed its Strategic Credit Opportunities Fund at €1bn. Pemberton completed two final closes raising €4.2bn in total to invest in leading mid-market companies across Europe said a press release from the diversified asset manager backed by one of Europe’s largest insurers, Legal & General Group PLC. “Pemberton has built on the success of its first European Mid-Market Debt Fund and raised an additional €3.2bn for the strategy which provides senior loans for acquisition and growth capital,” said the press release from the fund management company.

Asgard’s Exposure to Crossover Credit Pays Off (Hedge Nordic)
Stockholm (HedgeNordic) – Danish hedge fund Asgard Credit Fund gained 19.8 percent in the first seven months of 2019 and currently ranks among this year’s top ten best-performing members of the Nordic Hedge Index. The fund has achieved this feat by going further out of the credit quality spectrum. “You get well compensated for going out the curve in the investment grade market,” chief investment officer Daniel Pedersen recently told Bloomberg. With €130.3 million in assets as of the end of July, Asgard Credit Fund has exposure to more than 200 corporates using corporate bonds and credit default swaps primarily in the lower end of the investment grade and the higher end of the high-yield spectrum.

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