SAC Private Equity Division To Spin Off

Feb 28 2011 | 12:57pm ET

SAC Capital Advisors' private-equity unit is primed for a spin-off.

The division's heads have founded a new firm, Siris Capital, with plans to begin raising their independent debut fund. Siris will focus on technology, telecommunications and healthcare investments, although areas outside of this comfort zone will not be ruled out.

SAC Capital Advisors' Stamford headquartersSAC Capital Advisors' Stamford headquartersThe new firm, backed by SAC's Steven Cohen, hopes to raise $400 million for its Siris Partners II, The Wall Street Journal reports. How much of that will come from Cohen is unclear.

Cohen has personally backed the deals made by SAC's private equity arm, led by Frank Baker, Peter Berger and Jeffrey Hendren, since they joined the firm in 2007. Prior to that, they spent 10 years at p.e. shop Ripplewood Holdings.

The three men joined SAC as a first step towards launching their own firm, according to the Journal.


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