Ken Griffin And James Flynn Are Not Wasting Any Time Getting In On These New IPOs

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Ken Griffin‘s (pictured) Citadel Investment Group has acquired about 1.09 million shares of 8Point3 Energy Partners LP (NASDAQ:CAFD). The holding represents about 5.4% of the $400 million utilities company that launched its IPO last week. Another company that recently launched its IPO and already has a significant hedge fund backer is Nivalis Therapeutics Inc (NASDAQ:NVLS). James E. Flynn‘s Deerfield Management disclosed owning about 3.73 million shares of the $219 million healthcare company through the firm’s affiliated funds, according to a recent 13D form filed with the Securities and Exchange Commission. The holding represents about 25.52% of the company’s outstanding shares.


Ken Griffin launched his renowned managed futures fund, Citadel Investment Group in 1990 with $4.2 billion in assets under management. Currently the fund holds about $176 billion worth of regulatory assets under management and has 979 employees. The market value of its public equity portfolio stood at $104.72 billion at the end of March, with the finance sector amassing 25% of the fund’s holdings. On the other hand, Deerfield’s public portfolio value stood at $3.09 billion at the end of the first quarter, with the healthcare sector representing 94% of its holdings.

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With two sponsors, namely First Solar, Inc. (NASDAQ:FSLR) and SunPower Corporation (NASDAQ:SPWR), 8Point3 Energy Partners LP (NASDAQ:CAFD) is a yieldco offering a dividend yield of 4.27%. The proceeds from the offering will be used to pay for the assets from the sponsors that can generate a stable stream of earnings, as well as any acquisitions that may materialize in the future. The move to form this yieldco was intended to shield the investors from the manufacturing risks associated with the solar industry.

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