Tepper Backs Tech. Analyst's New Hedge Fund

May 6 2011 | 1:40pm ET

An Appaloosa Management analyst is launching a hedge fund of his own, with an assist from his boss, David Tepper.

Tepper has pledged a portion of his billions to Nokota Management, the firm founded last month in New York by Matthew Knauer, a senior analyst at Appaloosa, and Mina Faltas, a former analyst at Viking Global Investors, Reuters reports. Nokota—like Appaloosa named for a breed of horse, though in its case a feral one—will likely be a technology, media and telecommunications shop, as those are the sectors covered both by Knauer and Faltas at their previous jobs.

In March, Tepper indicated that Appaloosa may be getting too big, and said the $16 billion firm plans to begin returning some money to investors, including its own partners. He added that those partners were considering investing some of that returned capital in other hedge funds.

It is unclear how much Tepper will invest in Nokota.

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