FRM Capital Advisors Seeds Woman-Owned Hedge Fund

Jul 28 2010 | 9:25am ET

Hedge fund seeding firm FRM Capital Advisors has made a "significant investment" in Varna Capital's first fund, which is expected to launch in the fourth quarter.
Varna is a newly formed hedge fund manager based in New York and headed by Svetlana Lee. Lee, together with the Varna team, previously managed an equity long-short fund at Citadel’s PioneerPath new manager platform. Prior to that she gained extensive investment experience at leading hedge funds Greenlight Capital, The Baupost Group and Perry Capital.

“A firm’s anchor investors are a critical element to a successful launch," said Lee, managing principal and portfolio manager of Varna. "FCA is a well respected institutional firm and its significant day one investment will provide us with a strong foundation to launch and grow.”

Varna will employ a value-focused, equity long-short strategy that seeks to exploit event-driven situations, structural market dislocations and identify hidden fundamental business value.
Clive Peggram, CEO of FCA, said, “We believe that the current market is an attractive environment for this strategy and the prospects will remain strong for the foreseeable future. Svetlana is one of the most talented new equity long-short managers in the industry and we are very pleased to form a strategic relationship with her new firm and to support its development.”
Varna represents FCA’s sixth strategic investment since it began investing in 2008. FCA is a division of Financial Risk Management, a global fund of hedge funds group managing approximately $8.5 billion worldwide for institutional and other sophisticated investors. 

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…