WEST PALM BEACH, FL (HedgeCo.Net) – David Felman, a former manager at Andor Capital Partners has launched his own hedge fund according to news reports. The papers for the new fund, Phinity Partners,were filled with regulators few weeks ago.
While at Andor, Felman managed the Andor Diversified Growth Fund. The fund lost money in 2003 according to published reports, and was eventually liquidated by Andor Management in July 2004 after a new manager of the portfolio, Chris James, left the company as well. Total assets managed by Andor Capital had dropped to about $3.5 billion, from its former level of about $8 billion.
Felman�s hedge fund will be making equity investments in sectors such as healthcare, technology and finance. Minimum investment for the new portfolio has been established at $2 million, the fee structure was not immediately available.
The new Phinity Partners is based in Fort Lee, New Jersey, and is geared towards domestic U.S. hedge fund investors. However, the new fund has an offshore component as well, domiciled in the Cayman Islands.
According to the report, the new fund has raised seed capital of US$120 million from interested investors. $22 million of the total raised assets came from U.S. investors, while $98 million came from U.S. tax exempt investors, including non-U.S. based investors, Pension funds, and endowment establishments.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. www.hedgefundlounge.com, www.hedgefundtools.com, and www.hedgefundemployment.com.
