Solel Partners Starts Trading with $600 Million AUM

October 10, 2019 James Heinsman Hedge Fund News

Veteran traders Craig Peskin and Peter Fleiss, former Highfields Capital Management partners, launched Solel Partners with limited partner Jon Jacobson, founder of Highlands. Others with stakes in the new fund include foundations, endowments, and other high-wealth persons.

The fund’s strategy as described in a report from Bloomberg includes value-oriented credit and equities. Reuters first announced the birth of the fund in March with an expectation that it would launch with about $400 million AUM.

The fund will have between eight and twelve basic bets but will take short positions as needed. The fund’s target sectors include healthcare, technology, retail, financial and consumer markets.

Peskin and Fleiss worked together at the Blackstone Group. Then they joined Highfields in 2004 and 2007, respectively. After Jacobson decided to close down Highfields to outside money and returned his clients’ capital, Peskin and Fleiss decided to start their own hedge fund.

After Jacobson closed down his fund to outside money (he still maintains the fund for his own investments) he told his investors, “undoubtedly, there will be Highfields’ offspring in the near future, and I will be supportive of them with both my time and my capital.”

The partners have also hired former Highfields’ employees for Solel Partners.

Highfields Capital, Jon Jacobson, Peter Fleiss, Solel Partners,

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