Ex-Perry CIO Russekoff Launches New Distressed Fund

Mar 15 2017 | 11:32pm ET

Former Perry Capital executive David Russekoff has launched a new hedge fund firm that will concentrate on distressed equity and debt securities.

The new fund, named Smith Cove Capital, began trading with under $100 million in internal capital earlier this month, according to a Reuters article citing unidentified individuals familiar with the effort. The fund is reportedly exploring opportunities in the energy sector, sovereign debt and European telecommunications, financial and media companies, the article added.

Russekoff spent 13 years at $15 billion manager Perry Capital and was instrumental in the firm’s positioning against the housing market in 2006-2007, a strategy with ultimately earned the firm an estimated $2 billion. By the time of his departure in 2015, he was chief investment officer of Perry, which closed last year.

"Dave has shown an ability to manage risk properly while also having the ability to take big risks when necessary," said Hayman Capital’s Kyle Bass to Reuters. "He has the ability to go both long and short."

Smith Cove is headquartered in Greenwich, CT and includes former Perry Capital head of trading Bob Carroll, former Monarch Alternative Capital managing principal Roger Schmitz and former Perella Weinberg Partners executive Victor Consoli. 

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