Millennium’s Lupoff Founds Distressed Debt Hedge Fund

Jun 22 2009 | 1:44am ET

Millennium Management veteran Peter Lupoff has founded his own hedge fund firm and plans to launch its maiden offering in August.

Lupoff has left Millennium to set up San Francisco-based Tiburon Capital Management, Bloomberg News reports. The new firm will focus on Lupoff’s speciality, distressed debt, investing in companies in or near default, as well as those involved in legal battle, spinoffs or exchange offers.

In an email to FINalternatives, Lupoff said his near-term goal is to raise $100 million, "but I intend to launch smaller -- essentially with the commitments I have at the time." (Note: in an earlier version of the story we wrote that he was launching with $100 million).

He told Bloomberg that he takes issue with the “idea that we’re seeing a turn in the market” that will lead to fewer defaults.

“Those of us who are more agnostic see there’s nothing to suggest that’s justifiable.”


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