All he needs is an extra $4 billion on top of the $2 billion he just raised.

Back in August, Elliott Management finally did what it’s been preparing to do for years, and became a private equity firm in earnest, by launching what is in effect a private equity fund: $2 billion for Paul Singer to cut out the middleman, buy companies himself, and break them apart and fire people to his heart’s content, without any foolish executives or directors saying things like, “No” or “Are you sure?” or “We already have a turnaround plan and it’s better than yours.” It’s a first for the firm.

Lest, however, you think going p.e. is enough to keep Singer busy, or that he’s given up on writing angry letters to uniquely recalcitrant debtors and corporate management, think again. After all: The world is finally ending. Time to make some money from other people’s stupidity.

The firm told investors it is targeting $4 billion for its latest hedge fund, according to people familiar with the matter.

“Elliott is shortly going to raise its 8th Capital Commitment,” Mr. Singer wrote in the letter, referring to the hedge fund….

“A reasonable number of interesting distressed-securities situations are emerging,” he wrote. “It must be pretty difficult to manage your company into ‘distress’ in times like these, but more and more managements are succeeding.”

Elliott Raises $2 Billion for Buyouts, Preps $4 Billion Hedge-Fund Push [WSJ]

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