Wednesday, 6 May 2015
Last updated 19 hours ago
Mar 8 2012 | 1:46pm ET
Former star FrontPoint Partners manager Stephen Czech plans to launch his first post-FrontPoint fund this summer with $1.5 billion—and he's already half-way there.
Czech has raised about $750 million for his new Czech Asset Management, which he founded earlier this year after spinning his $1.1 billion FrontPoint-SJC Direct Lending Fund from the now-shuttered former hedge fund giant, The Wall Street Journal reports. Many of Czech's previous investors—CAM is his fifth firm in four years—have signed on to the new venture which, like the FrontPoint fund, will focus on direct lending.
One-third of the money committed to Czech's new fund has come from Michigan's state pension fund, which has pledged $250 million. Even amidst the turmoil, investors stuck by Czech.
"If someone wanted to make a stink, they could have withheld" their money, Czech told the Journal. "They didn't."
Czech Capital, which formally spun-off from FrontPoint in January, has eight employees and is based in a "still-undecorated" office in Old Greenwich, Conn.
And despite what one of the new firm's directors, Sze Ling Wan, called a "period of limbo" last year as FrontPoint unraveled in the face of an insider-trading scandal, the SJC fund managed an 11% return, completing about 10 deals.
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…