New Jersey Makes Commitments To Hedge, P.E. Funds

Feb 20 2007 | 10:30am ET

The New Jersey Division of Investment is making new capital commitments to two hedge funds and one private quity fund. The system is allocating $75 million to Intrepid Capital Management and $100 million to Satellite Asset Management, and $100 million to private equity firm TPG Star.

Steven Shapiro, a former managing director at Tiger Management, founded Intrepid Capital in 1998. The long/short shop specializes in the technology, media, telecommunications and retail sectors, and manages three funds: the flagship all-cap long/short equity fund, a small-cap long/short equity fund, and a life sciences fund. The firm manages a total of $2.1 billion, with the bulk of that being in the flagship fund.

Since inception in July 1998 through December 2006, Intrepid’s flagship fund has had an annualized return of 21.02% net of fees with an annualized standard deviation of 10.13%, according to the firm. 

Meanwhile, hedge fund firm Satellite manages a multi-strategy fund, which includes event driven (special situations, risk arbitrage), credit (distressed, credit arbitrage, convertible arbitrage and PIPEs) and hedged equity strategies. The firm, which was founded by Leif Rosenblatt, Gabrielle Nechamkin, Mark Sonnino, Brian Kriftcher and Christopher Tuzzo, manages over $5 billion and has a team of 20 portfolio managers, 24 analysts and seven traders.

Satellite has a London office which manages investments in European special situations, and in the life sciences, telecom and media sectors. Since inception in November 1999 to December 2006, the fund has achieved an annualized return of 12.65% (net of fees) with a standard deviation of 4.10%.

Finally, private equity shop TPG Star pursues deals on average of $25 million to $50 million, investing in operating companies through expansion capital, acquisitions, turnarounds and strategic venture capital. The fund focuses on travel services, retail, financial services, business services/software, consumer technology, life sciences, healthcare services and the clean technology sectors.


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