Tuesday, 5 May 2015
Last updated 8 hours ago
Jul 27 2011 | 9:24am ET
Carl Icahn's former right-hand man is half-way to his goal of raising $1 billion.
Keith Meister's Corvex Capital has netted almost $500 million in assets since its launch in March, HFMWeek reports. The New York-based event-driven fund was seeded to the tune of half that amount by Soros Fund Management and hopes to raise at least $1 billion by the end of the year.
Corvex charges 1.5% for management and 20% for performance. The fund features quarterly redemptions after a one-year soft lockup—early exiters will pay a 3% redemption fee—with 60 days notice and a 25% gate. Goldman Sachs and JPMorgan Chase are prime brokers.
Meister resigned from Icahn Enterprises last summer after eight years working with the famed corporate raider and activist hedge fund manager, overseeing its gaming and real-estate investments. Earlier this year, at around the time that Corvex's maiden fund debut, Icahn announced he would be returning all outside capital from his hedge fund.
In addition to Meister, Corvex boasts former Icahn chief operating officer Rupal Doshi, former Omega Advisors portfolio manager Nick Graziano and former SAC Capital Advisors employee Michael Doniger.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…