Wednesday, 29 June 2016
Last updated 1 hour ago
Apr 4 2013 | 11:23am ET
Maverick Capital's top media and telecommunications manager will leave the firm to launch a hedge fund of his own.
Michael Pausic has returned to Charlottesville, Va.—where he met Maverick founder Lee Ainslie at the University of Virginia—to start the new firm. While he'll resign his partnership at Maverick, Pausic will remain close to his employer of 16 years, with other Maverick partners making a significant investment in Pausic's new endeavor.
The new hedge fund will see Pausic expand his remit from media and telecomm, Reuters reports.
Pausic has been considering the launch of his own firm for about a year. Maverick's employees were told of the move this week, and the firm is in the process of notifying investors.
Maverick, which has 14 partners, has long been known for a low turnover rate. But Pausic's exit will be the third by a partner in the last two years, following the exits of Steve Galbraith and Gunnar Overstrom last year.
Both Galbraith and Overstrom are working on new hedge funds. Galbraith, Maverick's former chief macroeconomic strategist, is seeking several hundred million dollars for his Herring Creek Capital, while Overstrom is fundraising for his Three Corner Global.