Blackstone, PAAMCO Seed New Hedge Fund Raveneur

Sep 30 2014 | 1:56pm ET

A new hedge fund helmed by a Tricadia Capital Management and Eton Park Capital Management veteran has won some big backers.

Mark Black’s Raveneur Investment Group has won $200 million in seed capital from the Blackstone Group and $150 million from Pacific Alternative Asset Management. Both firms are known for their success in the hedge-fund seeding arena.

New York-based Raveneur is focused on opportunities presented by Europe’s start-and-stop recovery and U.S. event-driven plays, Reuters reports. In particular, Black currently favors financial and automotive names in Europe, including Italy and Spain.

All told, Raveneur, which has won a total of about $400 million in commitments, will hold between 20 and 35 positions for between one and three years each. The firm plans to close to new money before it reaches $1 billion in assets.

Joining Black at the new firm is former Fortress Investment Group CFO Adam Rockfeld, and Raveneur has engaged Credit Suisse, Goldman Sachs and Morgan Stanley as prime brokers.


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