Paulson Protégé Up 175%

Paolo Pellegrini can’t begin soliciting money from his former investors at Paulson & Co. until January. And when he does, he’ll have quite a story to tell.

Pellegrini’s new hedge fund, PSQR Management, is up 175.5% since it began trading in April 2008, according to the firm’s first quarterly report. The fund is up 80.84% this year following a 0.31% drop in September, and rose 52.36% in 2008.