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The long-short equity firm's new offering, planned for next year, will have limited capacity, the firm tells clients in a letter.
A hedge fund firm founded by a former SAC Capital Advisors honcho is launching a new fund.
Suvretta Capital, a New York firm headed by Aaron Cowen -- a member of the so-called SAC Pack -- told clients in its third-quarter letter that it plans to create a new long-only strategy next year. It stresses that the new offering will have "limited capacity."
No other details about the fund were provided, including the exact timing of its launch. Suvretta, founded in September 2011, was managing $2.6 billion as of October 1. The firm declined to comment for this story.
Cowen's employment history reveals a career spent working for a Who's Who of hedge fund luminaries. After a stint at Lehman Brothers, he worked for more than two years as an analyst at Seth Klarman's Baupost Group. He then spent more than six years at Michael Karsch's Karsch Capital Management, where he was a managing director, before moving on to SAC Capital, where he spent two years or so as chief investment officer. Just prior to launching Suvretta, Cowen spent nine months as...