Monday, 26 September 2016
Last updated 2 hours ago
Jan 25 2012 | 1:50pm ET
A former partner at Appaloosa Management has founded his own hedge fund shop, backed by Appaloosa founder David Tepper.
Tepper will seed Jeff Lignelli's Incline Global Management with an undisclosed sum, HFMWeek reports. Lignelli will also contribute start-up capital for Incline's debut fund, which is expected to launch in April.
Incline Global Master will be a global equity/long short and opportunistic credit vehicle. It will have between 30 and 35 long positions, with up to 30% of the portfolio in credit.
New York-based Incline will give early investors a break, offering a founder's share class for its first year with fees of 1.5% for management and 15% for performance.
Tepper said last year that he and his fellow Appaloosa partners had too much money to keep invested in their own firm, indicating that he would begin investing in outside hedge funds and seeding funds founded by veterans of the firm. He provided seed capital to former Appaloosa senior analyst Matthew Knauer's Nokota Management in May.