Eminence Capital veterans Hari Ramanan and Adam Ryan have raised over $100 million for their new hedge fund.
Regulatory filings show the onshore Valarc Fund launched in January with $47 million while the Caymans-based Valarc Offshore Fund launched with $60 million. (It should be noted the filings reflect only investments from U.S. investors; media reports last year said the pair would launch with over $200 million.)
The New York-based firm will employ a concentrated long/short global equities portfolio, The Wall Street Journal reported in December, similar to the strategy employed by the $4.5 billion Eminence.
Investors in Valarc will be subject to a four-year lockup.
Ramanan was a European and emerging-markets portfolio manager at Eminence, while Ryan served as a senior analyst.
Contacted by FINalternatives, Valarc declined to comment on the launch.