Third Point Launches Greek Fund

The Third Point Hellenic Recovery Fund

The Third Point Hellenic Recovery Fund.

...the fund will invest in “event-driven corporate situations,” the New York-based firm said in a letter to investors yesterday. Third Point plans to invest less than 1.5 percent of the assets in its existing hedge funds in the new pool and will raise additional money from institutional investors, the letter said….

Third Point’s Greek fund will use a so-called draw-down structure, meaning it will deploy capital as investment opportunities arise, the letter said. The structure will allow the firm to buy assets that it currently had to reject because they didn’t fit the liquidity requirements of existing Third Point hedge funds, according to the letter….

Still, Third Point is convinced “more than ever” that Greece will rebound and plans to participate in the recovery through “opportunistic equity investments,” the hedge-fund firm wrote in a Jan. 9 letter to clients.

“The Greek equity market is relatively small, but the nation is starved for capital,” the January letter said.

Third Point Plans Greek-Focused Hedge Fund on Recovery Bet [Bloomberg]
Herbalife Bet One of Third Point's Biggest Winners in First Quarter-Letter [WSJ]