This much is true about hedge funds: They’re not dead. In fact, one former Pequot Capital portfolio manager is launching a new long/short hedge fund to exploit opportunities in the mid-to-large-cap space.

Gregory Spiegel, founder of New York-based Riptide Capital, is the purveyor of an eponymous hedge fund that is set to launch by the end of the year.

The fund is research-driven, focusing on value and growth companies in the technology, media, telecommunications, consumer, and industrial sectors.

“It’s a bottom up fund because I was brought into this business as a value guy having run this strategy at Pequot Capital,” he said.

Spiegel’s new offering will invest in companies with market capitalizations greater than $1 billion, with the majority of his portfolio concentrated in U.S. stocks. He said the current market environment offers hedge funds opportunities to deploy capital in fundamentally sound companies, such as DIRECTV. 

“It has good or improving fundamentals driven by a successful HD rollout, a balance sheet that is close to perfect with under one turn of leverage, and a capacity to buy back a lot of stock,” he said.

Spiegel professes that it is a tough fundraising environment for emerging managers, but says there’s no shortage of capital.

“Guys want to see how things shake out over the next few months, and a lot of funds of funds have probably gotten a lot of redemption notices. In the current environment, some guys think it’s a great opportunity while others are scared to death, but that’s what makes a market.”

The Riptide Capital fund charges a 2% management fee and a 20% incentive fee.