Former Eton Park portfolio manager Thierry Lucas will launch his new hedge fund—expected to be among the largest new hedge funds of the year—on May 1.
Lucas' Portland Hill Capital is the "next significant launch" for Europe and could be "one of the most popular" of the year, a prime brokerage source told HFMWeek. The fund will be a liquid Europe-focused event-driven and equity long/short vehicle. The fund will invest in between 30 and 40 ideas, employing deep fundamental analysis.
It is unclear how large Portland Hill will be at inception, although the firm hopes to raise US$500 million.
Portland Hill has hired Iulia Buinevici as an investor relations professional, HFM reports. Buinevici formerly handled capital introduction at Bank of America Merrill Lynch.
Lucas, who serves as Portland Hill's chief investment officer, was the first trader Eton Park hired in London and was with the firm since its debut in 2004 until his departure in July.