Two Baron Vets Unveil Long/Short Fund

Jun 23 2006 | 7:23pm ET

Morty Schaja, co-founder and managing partner of RiverPark Capital, said the RiverPark Partners Fund is long-biased and focuses on growth stocks.

"Our focus is on the 30 companies that if you didn't own you wouldn't be able to sleep at night," Schaja said, adding that the fund will short companies that he and his team deem to be fundamentally flawed.

Schaja has spent the last 15 years serving in various roles at mutual fund firm Baron Capital, most recently as president and chief operating officer. He said that one of the strengths of the newly-created firm is the experience the management team has both running the strategy as well as working together.

Schaja co-founded RiverPark Capital with Mitchell Rubin, who also worked at Baron Funds for more than a decade, the last seven years of which he spent as a portfolio manager.

"We are basically a team that has worked together for between 10-12 years, and [the new fund] is something that is clearly driven off of our historical experiences," he said. "It is a process that we have been doing for a long time, but now we have more flexibility."

The New York-based firm has launched the RiverPark Partners Fund with approximately $100 million in commitments. The fees are 1.5% for management and 20% for performance for a one-year lockup, with the performance fee dropping to 16% for investors who opt for a three-year lockup.

Goldman Sachs is the prime broker and administrator of the fund, Proskauer Rose is the legal counsel and Rothstein Kass is the auditor.

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