Harbinger Seeks More Cash, Independence

Jun 18 2008 | 12:10pm ET

Harbinger Capital Partners is stepping out.

The Birmingham, Ala.-based hedge fund, which made headlines with its successful bid for representation on The New York Times Co.’s board of directors, is looking to grow and become more independent from its parent company. Harbinger chief Philip Falcone wants to add $4 billion over the next six months, the New York Post reports, and has retained Park Hill, the Blackstone Group’s third-party marketing unit, to seek investments from pensions and sovereign wealth funds.

The $25 billion firm is also aiming to create its own identity, separate from that of parent Harbert Management Corp. The firm will move into separate quarters later this year, and is also building its own marketing team, the Post says. It will continue to use Harbert’s back-office, legal and compliance teams.

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