Sandell Debuts New Activist Fund with $100mn in Assets

Firm founder Thomas Sandell hopes to reach $2 billion in assets for the new fund, which will focus on investment opportunities in the middle market.

Thomas Sandell, Sandell Asset Management (Bloomberg)

Thomas Sandell's New York-based firm Sandell Asset Management has officially launched its new activist hedge fund.

The Castlerigg Active Investment Fund began operating in August with $100 million. Sandell hopes to eventually raise about $2 billion for the fund. It's an ambitious goal that would effectively triple the total assets at his New York firm, from a current $1 billion.

Sandell's new fund will emphasize the middle market, where Sandell says he...