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Getting To Know The Harness Fund

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So, former Fortress PMs Philippe Peress and Jonathan Ratcliffe are apparently starting a hedge fund, scheduled to launch sometime between July and August. Can't say we're particularly interested, given that our money is already locked up in Ball Gag Capital, but perhaps one or two of you might be? As of mid-June only $50 mill had been raised, so it'd be nice if someone would fork over a little cash. If you need convincing, the marketing materials, which were dropped outside our door in an envelope marked only "Dealbreaker" sans address about ten minutes ago,* can be found after the jump.
*Guessing the cloak and dagger nature of it all had something to do with the issue of the SEC frowning upon this sort of thing but for future reference to any of you budding managers looking to have DB disseminate your business, know that we don't bite unless expressly asked to do so and have no problem going to jail for our sources.

Liquid Macro Harness [PDF]


Vikram Pandit To Get Back In The Hedge Fund Saddle Again, At Some Point

Just a question of which hedge fund he'll be riding-- his own or his former Old Lane colleague's. The buzz on Wall Street is that ousted Citigroup CEO Vikram Pandit will return to the hedge-fund world. UK hedge fund Portman Square Capital declined to comment on chatter that its founder, Sutesh Sharma, is eager to nab Pandit for his new firm. Sharma, a former money manager at Pandit’s now defunct Old Lane hedge fund, launched Portman this year with $500 million...Pandit is viewed by the hedge fund community as a rainmaker due to his ties to deep-pocketed investors. “I wouldn’t be surprised if he felt the timing was right to join an existing fund . . . or start his own fund,” said Robert Olman of hedge-fund search firm Alpha Search Advisory Partners. Thinking ahead, how much do we predict Citi will pay to acquire Portman Square (or Pandit Partners) in order to lure Big Vik back, which is kind their thing? Last time around it was $800 million so they'll probably have to offer at least $2bn. Pandit Packing For London Hedges [NYP via FINalternatives]