Citadel Investment Group veteran Michael Derick’s hedge fund, Steeplechase Capital Partners, has won the backing of SkyBridge Capital, which seeds new hedge funds.
Chicago-based Steeplechase, a value-oriented long/short equity fund, launched on May 1.
“Our view that the market is generally efficient over the long-run, and frequently inefficient in the short-run, underpins our approach to investing,” Derick said. “We believe there are substantial investment opportunities for a firm like ours that adheres to a disciplined focus on cash flow analysis.”
Derick served as a senior analyst at Citadel before co-founding its primary strategy group. He has also worked at Basswood Partners in New York.
“Michael Derick has distinguished himself as a successful, value-based investor at two premier investment firms, and we are pleased to join with him in this new strategic partnership to build Steeplechase Capital for the long-term,” SkyBridge managing member Anthony Scaramucci said.
In addition to seed capital, SkyBridge will provide Steeplechase with a team of professionals to help build its business. Steeplechase is SkyBridge’s seventh portfolio firm.
The two firms were introduced through Steeplechase’s prime broker, VanthedgePoint Securities.
“We specialize in finding talented managers early in their lifecycle, and identifying potential investor partners that not only can provide them funds to increase their assets under management, but also can supply the capital needed to build a sustainable business,” said Alexis Graham, head of capital introduction at VanthedgePoint. “We are eager to work with the Skybridge team to further build Steeplchase’s business.”