Tuesday, 30 August 2016
Last updated 2 hours ago
Dec 5 2012 | 12:44pm ET
Camulos Capital co-founder William Seibold is back, three years after he was forced to shutter his last hedge fund.
Seibold has founded Recipero Capital and plans to launch its maiden hedge fund in the second half of next year, Bloomberg News reports. He said he hopes to raise €800 million for the fund, which, unlike Seibold's previous ventures, will be based in Europe.
Recipero will provide capital to middle-market business in Europe, primarily in France, Germany, Italy and the U.K., Seibold told Bloomberg.
"The European banking system is in difficulty," he said. "European businesses, especially in the middle-market, are far more heavily financed by banks. The banks need support."
Seibold's return to the hedge fund industry comes two months after he won more than $4.6 million from Camulos, which he left in an acrimonious split five years ago, followed by years of litigation. Camulos folded last year.
Seibold co-founded Soros Fund Management's distressed investing unit, from which Camulos was spun off in 2005. After leaving Camulos, he set up distressed debt shop Noroton Capital Management, which closed after Man Group's RMF Hedge Fund Ventures pulled its seed funding during the financial crisis.
Seibold said he plans to build a team of seven for Recipero by the time it launches.