Thursday, 11 February 2016
Last updated 2 hours ago
Jul 10 2012 | 9:13am ET
Vladimir Jelisavcic has launched a new investment firm—Bowery Investment Management—to manage an old fund—the Longacre Opportunity Fund he started in 2009.
Jelisavcic was a founding partner at Longacre Fund Management where he has worked for the past 12 years. Explaining the decision to branch out on his own in a letter to investors on the Bowery web site, Jelisavcic said:
“I founded Longacre together with John Brecker and Steve Weissman back in 1999 with $1 million in total capital and we grew it to approximately $3 billion in AUM at its peak. The firm was founded at a much different time in our lives and we all grew and learned together, while also generating significant wealth for our investors. It has been a genuine honor to work with both of them over many years and develop strong friendships in the process.”
Brecker will continue with Bowery in a new role, sourcing “unique and off-the-run credit opportunities.”
The Longacre Opportunity Fund focuses on niche special situation credit opportunities, such as trade claims, private obligations and “overlooked or underfollowed capital structures.”
Bowery’s team includes two other Longacre vets, Bill Gushard, who joins from Paulson & Co where he was vice president responsible for distressed bank debt trading, and Bradley Max. Gushard is a managing partner at Bowery, overseeing the firm's trading and risk management as well as supporting the overall portfolio management process. Max will continue to focus on trade claims.
"I am excited to leverage this team's collective experience and build on the successful track record of performance that has been established over more than a decade at Longacre," said Jelisavcic in a statement. "This new firm further aligns us with our roots in investing in highly differentiated, special situation distressed opportunities with higher return potential."
The Goldman Sachs Petershill Fund, a private investment fund managed by Goldman Sachs Asset Management, purchased a minority interest in Longacre in 2008 and now owns a similar interest in Bowery. The interest does not carry with it any management or investment responsibilities or board representation.
Bowery launches with $100 million in assets under management and Jelisavcic says he will be looking to raise more in the coming months.