Millennium Vet Set To Launch Credit Hedge Fund

Dec 8 2009 | 10:15am ET

Millennium Management veteran Peter Lupoff is set to launch his Tiburon Credit Opportunities Fund in January with some $35 million. Lupoff’s fund is primarily focused on credit instruments in the capital structures of the companies it invests in.

“From identification of the ‘fulcrum’ security, i.e., that senior most impaired part of the capital structure, usually a debt instrument, we broaden the review for what is intrinsically cheap or rich," Lupoff told FINalternatives. "We will be long or short anywhere in the capital structure, depending upon where the best risk adjusted returns reside.”

The distressed debt veteran, who previously also served as a portfolio manager for Robeco Asset Management, is currently bullish on special situations and capital structure arbitrage plays. However, he is less optimistic on distressed opportunities “unless and until we see the technical correction in credit, which we foresee, and see the government capital infusion drop off.”

Lupoff was formerly a managing director at Millennium Management, the New York-based multi-strategy hedge fund where he managed a portfolio of investments in distressed and special situations. Prior to that, he was managing director and senior portfolio manager of the Robeco WPG Distressed Special Situations Fund.

Lupoff left Israel Englander’s hedge fund shop earlier this year to set up New York and California-based Tiburon.

By Hung Tran

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