SAC Utilities Vets Net $90 Million For New Hedge Fund

Aug 1 2013 | 11:33am ET

Ties to the indicted SAC Capital Advisors hasn't slowed Electron Capital Partners down.

The new hedge fund, led by several SAC veterans, opened to investors in May and has already garnered $90 million, Bloomberg News reports. About one-quarter of that total comes from employees, who include founder Jos Shaver, Neil Choi, Peter Suozzo, Ran Zhou and Jeff Zheng.

All five left SAC last year, where they worked together on Shaver's long/short global utility and infrastructure team. New York-based Electron, which began trading four months ago, also invests in utilities and infrastructure. The fund is up 0.5% this year after falling 0.6% in June.

The current Electron is actually the firm's second go; Shaver founder it in 2005, closing it in 2008 after difficulties at its joint-services partner Intrepid Capital Management. Shaver, Suozzo, Zheng and Zhou then moved to SAC.

Electron is offering reduced fees to investors who make up its first $100 million, charging only 1% for management and 10% for performance, compared to its standard 1.5% and 20%. The firm has raised money from former Electron investors, family offices and funds of hedge funds, according to Bloomberg.

In addition to the five SAC veterans, Electron employs three others, including CFO Aaron Keller.


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