Kacela Debuts With Consumer, Retail Fund

Jan 4 2007 | 4:26pm ET

Kacela Partners, a new U.S. equity long/short hedge fund run by Heirloom Capital cofounder Joanne Egrovich, launched on Jan. 1 with about $60 million in assets.

The fund, available in domestic and offshore versions, will “focus initially on the consumer and retail sectors,” according to Kacela Capital CFO Steven DiMartino.

“That’s something Joanne has done her entire career,” he said. “Really, it’s a continuation of what she did at Heirloom.” Egrovich has been managing client money in the hedge fund’s strategy since November in a managed account, DiMartino noted.

Egrovich and DiMartino worked together at JLFS before teaming up on Kacela.

DiMartino said Kacela Partners’ strategy could hold up to $700 million in assets, and while they are casting a wide net for investors, Egrovich’s former clients are especially interested.

“Joanne has managed money before for a number of clients, and a number of those clients have expressed interest in joining her again in her investment thesis, and that’s really our first course of action,” DiMartino said. “We’ll continue to pursue those sorts of investors, as well as new investors.”

In addition to Egrovich and DiMartino, the New York-based firm has a head trader and research analyst on staff. Kacela Partners charges a 1.5% management fee and 20% performance fee. Goldman Sachs serves as prime broker.

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