high-flying fund may bar entry

5/20/2018 High-Flying Fund May Bar Entry

1/8

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Firebird Adds US-Focused Vehicle to MenuFirebird Management,which has spent 20 years ocused largely on Russia an

other emerging markets, is offering its first U.S. stock und.Te vehicle, Firebird U.S. Value Fund, began trading on July 15 with $5.8 millio

rom eight backers. Te long-biased und employs a undamental-value strategy thfirm has used during the past two years to run partner money in separate accountTose accounts achieved a gross return o 0.35% in the final quarter o 2012, whethe S&P 500 Index ell 2%, then rose 43% in 2013, compared to a 32.3% gain or thS&P. Year to date, the strategy was up 8% at the end o July, versus a 6% increase othe benchmark.

Unlike Firebirds other unds, the new offering wont employ leverage. Its chargin

a perormance ee equal to 30% o investor profits above the return o the S&P 500.Firebird made a name or itsel in the 1990s and early 2000s investing in Russ

See FIREBIRD on Page

Fund Operators Field Phone Calls From SECTe SEChas begun reaching out to hedge und managers by telephone to get

better handle on their businesses.he get-to-know-you calls are aimed at und-management irms that wer

required to register as investment advisors under the Dodd-Frank Act buhavent yet been ormally examined. he SECs New York oice, which also coers New Jersey, and several other regional oices are involved in the eort.

Te chie compliance officer at one New York firm recently fielded a call rom

an SEC staffer who wanted to know how the firms business had changed since ilast Form ADV filing. Te conversation lasted 40 minutes. Te staffer emphasizethat the outreach effort was not a ormal examination and shouldnt be viewed asprelude to an SEC exam.

Several hedge und proessionals said they welcomed the initiative, saying it caSee FUND on Page

Origami Pitching Next Secondary VehicleOrigami Capital is raising money or the

next in a series o vehicles that buy illiquidhedge und shares on the secondary market.

Te Chicago firm hopes to complete a firstround o capital raising or Origami Opportu-nity Fund 3 in the first quarter o next year.

Te und will ollow the same investment strategy as its predecessor, OrigamSecondary Fund 2, buying stakes in side pockets and other vehicles where hedgunds parked their illiquid investments during the 2007-2009 financial crisis. Ia letter Origami sent to investors this month, the firm said its planned und alswould invest in real estate und restructurings, multi-asset mutual unds, bankruptcy claims owned by unds, minority interests in general partners and nonpeorming loans that couldnt be oreclosed by lenders.

Origami, ounded in 2008 by Thomas Elden,has pursued investments in illiquiSee ORIGAMI on Page

2 BofA Raises Bar for Currency Shops

2 Third Point Targets Real Estate Deals

2Russell Glass Collecting Pledges

2 Startup Passes Hat for Quant Fund

3 New Vehicles Target Med-School Debt

3 Grant Thornton Eyes Growth Push

4 Deal Extends Axxcess Manager List

4 SEC Project Aids Security Specialist

4 SAC Alumnus Pitching Futures Fund

5 High-Flying Fund May Bar Entry

5 HEDGE FUND PERFORMANCE

7LATEST LAUNCHES

rader John Lowhas joined HitchwoodCapital, the hedge und shop ormingunder Scout Capitalco-ounder JamesCrichton.Low started at the New Yorkoperation in the past couple o months,ollowing a run as head trader at KarschCapitalrom 2002 until the firm retunedthe bulk o its client capital last year.Crichton, meanwhile, is aiming to launchhis und with more than $1 billion. Hestarted Hitchwood afer a decision byScout co-ounder Adam Weiss to exit theasset-management business promptedthe $6.7 billion equity shop to unwind.Many ormer Scout employees are onboard at Hitchwood.

Marketing specialist Brian Schwartz isleaving One William Street Capitalto joinCQSas head o client development inthe U.S. Schwartz is scheduled to make

THE GRAPEVINE

AUGUST 20, 2014

Due to the annual break in oursummer production schedule,the next issue o Hedge Fund

Alertwill be dated Sept. 10.
http://www.hfalert.com/


2/8

BofA Raises Bar for Currency ShopsBank of Americais culling unprofitable clients rom a prime-

brokerage unit that clears trades or currency-ocused hedgeunds.

At the end o July, the bank notified certain managers

that they have 45 days to find another currency broker. BoAdeclined to comment, but a source said the prime-brokeragedivision had been working with about 40 currency-tradingshops.

In recent months, BoA has taken a number o steps tolighten the burden its prime-brokerage operation places on thebanks balance sheet. For example, it stopped providing financ-ing to unds that primarily buy and sell bonds, and it is trans-erring its swap-trading operation to an unrated subsidiary inan effort to better manage its regulatory-capital obligations.

Some industry proessionals were puzzled by the pull-backrom oreign exchange, since that business typically would haveonly a slight impact on a banks balance sheet. But others noted

that currency brokers in general are suffering rom thin spreadsand low trading volumes. FX volumes have been very low andranges very tight, so not many FX [prime-brokerage] groupswill make their budgets, a currency-und manager said.

Other major prime brokers, including Goldman Sachs,havebeen fine-tuning their prime-brokerage operations in a bid toimprove margins and reduce risk in the ace o increasinglyburdensome banking regulations. Goldman, or example, hasbegun severing ties with less-profitable clients and raising eeson others.

Third Point Targets Real Estate Deals

Third Point ounderDan Loebis expanding the scope o hisbusiness to include investments in commercial real estate.

Tird Point has hired real estate veteran Justin Rimel tooversee the effort. Te firm will invest in commercial proper-ties via a yet-to-be named affiliate capitalized by Loeb and hispartners. Tey havent allocated a specific amount o equity orthe initiative, but the buzz is they could invest a ew hundredmillion dollars o the their own money over the next ew years.Te initiative first was reported by sister publication Real EstateAlert.

Rimel spent the past 11 years at CIM Group, a Los Angelesreal estate shop where he was first vice president or invest-ment and development. In 2010, he opened CIMs New Yorkinvestment office, working on acquisitions, recapitalizations

and development. He will continue to be based in New Ywhere Tird Point is headquartered. He starts afer Labor Dreporting to Loeb.

Until now, Tird Point is known to have made only two estate investments. Last summer, it teamed up with Woods Citalo Dallas to buy a oreclosed Dallas office building

1.4-million-square-oot Tanksgiving ower or $71 mlion. Tird Point also has acquired land in Miami.Several other large hedge und operators already run

estate vehicles, including Cerberus Capital, Five Mile CapFortress Investment, Garrison Investmentand Och-Ziff CapMost ocus on opportunistic plays.

Tird Point had about $14 billion under management athe first quarter.

Russell Glass Collecting PledgesRussell Glass RDG Capitalhas taken in at least $23 mil

or its debut hedge und.

Glass, an activist investor best known or his associatwith Carl Icahnand Sam Wylys Ranger Capital,is markeonshore and offshore versions o a vehicle called RDG CapFund. Its unclear whether the und has begun investing.

RDG is working with placement agent Young America Ctalo Mamaroneck, N.Y.

When word got out that Glass was planning to lauan activist und, market proessionals saw it has having potential to raise upwards o $100 million. Staring in 1990s, Glass earned a reputation as a savvy investor firsa protege o Icahn and then at Ranger, where he was recruin 2003 to build an equity business dubbed Ranger PartnFor the past our years, Glass has been managing his o

money via New York-based RDG.Glass brie stint at Ranger ended in a high-profile legal

pute in which Ranger accused him o mismanaging the eqund and he accused Ranger o breach o contract. Te sides eventually settled the case. But one source speculated memories o the court battle could give investors pause abbacking the RDG und.

Startup Passes Hat for Quant FundA new quantitative hedge und is seeking backers.BrightView Capital,a startup in Red Bank, N.J., is mar

ing its debut vehicle, dubbed BrightView Adaptive Fund. manager takes a systematic approach to trading large-cap stocks and equity derivatives, employing trend-ollowmean-reversion and other quantitative methods. Posititypically are held or a week or less.

Te exact timing o the unds launch is unclear, but it haraised any outside capital as o Aug. 1.

BrightView is led by chie executive Michael Kerris, wset up shop earlier this year afer spending three years deoping and testing his adaptive strategy. Kerris resuincludes stints at hedge und shop Cohanzick Managemand UBS.

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3/8

New Vehicles Target Med-School DebtA Chicago startup is planning two hedge unds that would

refinance student loans or medical proessionals.Link Capital aims to launch the vehicles in September or

October with a combined $50 million. One o the entities, Link

Capital Absolute Return Fund, will operate without leveragewhile aiming to produce annual returns o about 4.5%. Teother, Link Capital Strategic Opportunities Fund, will employa warehouse line while targeting gains o 12-14%.

Link Capital Absolute apparently would allow the loans inits portolio to amortize over time, or it could sell them. LinkCapital Strategic would periodically securitize its accounts, atwhich point limited partners would have the option to rein-vest proceeds rom the bond sales or cash out. Both vehicles areintended to provide stable fixed-income returns.

Link is in advanced talks with a number o potential back-ers, who will determine how to split their capital among thetwo unds as the talks move orward. Its marketing targets

include hedge und operators and other investment irms.But its ocus has been on chie inancial oicers and chieinvestment oicers at hospitals and other healthcare opera-tions.

Tose individuals, in Caliornia, New York, the Midwest andSoutheast, apparently are drawn to Link because they are awareo the struggles that young doctors and nurses ace in payingoff large student-loan debts. Link, meanwhile, is simultane-ously gearing its hospital presentations toward lining up back-ers and striking agreements to offer its refinancing service aspart o employee-benefit packages.

Link believes it is the only education lender with an exclu-sive ocus on refinancing medical-school debt. It is limiting its

loans to doctors and nurses who have been out o school orless than five years and are currently employed, a group thefirm sees as carrying the lowest level o risk among all student-loan borrowers. Links targeted audience has at least $35 billiono medical-school debt outstanding, with the average graduateowing almost $170,000. Te firm believes it can help them cutcosts by bundling their loans into lower-interest accounts, typi-cally 10-year credits with a rate o 5.75%.

Both o the firms unds would lock up investor capital or12 months, with Link Capital Strategic imposing a 5% penaltyon withdrawals during the ollowing six months. Both vehicleswill collect a 50 bp management ee and a 75 bp servicing ee,with no perormance charge.

Link Capital Strategic also will assess a 50 bp ee or its ware-house line, and take 1% o its securitization pools.

Link is led by chie executive William Claus,who previouslyocused on healthcare businesses as a vice president in Bar-clays investment-banking division. Also on board are chieoperating officer Katharine Hebenstreit, ormerly an associatein J.P. Morgansprivate-banking unit, and chie financial offi-cer Loren Kronemeyer,who has worked at KPMGand CadenceHealth. Tey are joined by Angelo Pileggi,a sales specialist whois in charge o lining up borrowers.

Grant Thornton Eyes Growth PushGrant Thorntonis laying the groundwork or a staff exp

sion that would position the accounting firm to work wiar-larger number o hedge und managers.

Te Chicago firms hedge und practice currently enc

passes 75-85 proessionals in New York and Edison, N.J. plan is to move the Edison team to a larger space in Wobridge, N.J., in October while also opening an outposStamord, Conn.

Some existing employees would transer rom New YorWoodbridge or Stamord, with an undetermined numbenew recruits joining all three locations. As they do now,staffers would perorm auditing, tax and advisory workhedge und operators.

Te expansion is being overseen by Frank Kurre, a manapartner who is senior to hedge und chie Michael Patanella

Te aim o the project is to equip Grant Tornton to incrits roster o hedge und clients by at least 50% in the com

years, adding to a list o names that already includes Elliot Magement, Mariner InvestmentandStructured Portfolio Manament. Grant Tornton ranked ninth among auditors workwith hedge unds large enough to be registered with the SEo March 31, with assignments covering 177 vehicles, accoing to Hedge Fund Alerts Manager Database. Tat was d19% rom 196 a year earlier. Te ranking doesnt accounttax or consulting work.

Grant Torntons ambitions come partly in responsKPMGs June 30 takeover o Rothstein Kass. Tat combtion has concentrated more business among the larauditing firms KMPG now rivals Ernst & Youngand PrwaterhouseCoopers as a market leader orcing the hand

smaller competitors that want to keep up.Indeed, expectations are that a number o accounting fi

will react with acquisitions or expansions, or by adding vices. Grant Tornton also hopes to pick up smaller clients whad been working with KPMG or Rothstein but now are loing elsewhere. A lot o hedge unds are seeking alternativethe big our, Kurre said. Grant Tornton might also be ablbroaden its reach by recruiting KPMG and Rothstein staffe

At the same time, Grant Tornton is preparing or an ino business rom und operators that are outgrowing their btique accountants but are worried that they wont get enoattention rom the largest auditing firms.


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4/8

Deal Extends Axxcess Manager ListAxxcess Wealth Management is or the first time offering

exposures to small and emerging hedge und operators throughits multi-manager business.

Te Carlsbad, Cali., firm maintains a menu o some 70 large

hedge unds that it offers clients via separate accounts. Tisweek, the shop augmented that roster through an agreementwith Gar Wood Securities that gives it access to some o the bro-kerage firms manager clients, including:

Te $25 million Canid Asset Management.Te $126 million GROW Partners.Te $20 million Market Concepts.Te $100 million Probabilities Fund Management.Te $22 million Sabra Capital.Te deal was arranged between Axxcess chie executive

Mike Seid and Gar Wood capital-introduction chie Darren Day.Chicago-based Gar Wood, which handles trade-clearing andexecution unctions or some 45 hedge unds, hired Day this

year as part o an effort to expand its client base.Axxcess had $124 million under management in Febru-

ary, representing a mix o discretionary and non-discretionarycapital run mostly or wealthy individuals, amily offices andbusiness owners. Tat figure includes the assets o the multi-manager hedge und business and money that the firm andits clients have allocated to private equity vehicles and otheralternative-investment products. Axxcess specializes in devel-oping customized investment plans or its clients, while allow-ing them to pick and choose their managers.

SEC Project Aids Security Specialist

Te SECsFebruary announcement that it would examinethe computer-security practices o hedge und managers hasgiven a big boost to cybersecurity firm eSentire.

Te New York operation now claims more than 400 clientswith $1.7 trillion under management, up rom 350 clientswhen the SEC disclosed its plan. About 160 o those shops workdirectly with the firm, with the rest using its sofware via bun-dled services offered by companies including Edge Technologyand EzeCastle Integration.

Some 75% o them are hedge und managers. Most o therest are hospitals. Clients typically pay monthly ees equal to$100 to $150 per employee.

Founded in 2001 by Eldon Sprickerhoff, eSentire aims to helpprotect clients rom hackers and sophisticated viruses by constantlymonitoring their networks to immediately detect and block attacks.With the SEC planning to start its examinations in the next ewweeks, such services have become a priority or und managers.

A document on the regulators website contains some o thequestions it might ask, including whether managers have expe-rienced past attacks, how they guard customer inormation,how they authenticate clients or online access and how theyprotect personal identification numbers.

Sprickerhoff also points to increasingly requent and sophis-ticated attacks rom Eastern Europe and Asia, including a five-

old increase in phishing attempts rom China. He additionreports that someone in aiwan has been trying to obtain pwords or hedge und websites, perhaps as a diversion romore-subtle attack.

Along with tricking hedge und staffers into transerrmoney into unauthorized accounts, getting access to trades

stealing data on wealthy clients, hackers may try some tacthat ofen arent viewed as cybersecurity issues, Sprickersaid. For example, a firm that trades student loans mightargeted or inormation about underlying borrowers. Hacalso have installed so-called malware on the sites o two magers and one law firm that are clients o eSentire.

SAC Alumnus Pitching Futures FundA veteran energy trader whose resume includes a stin

SAC Capitallaunched a hedge und on Aug. 1.Richard Chaussebegan trading his Nokomis Commod

und with $1 million, including his own money and contri

tions rom a small pension and an individual investor. His fialso called Nokomis Commodities,is in Greenwich, Conn.

Although Chausse spent most o his career trading electricityund will shun electricity utures due to liquidity concerns. Instit will trade highly liquid utures tied to a wide variety o commties and financial instruments, employing a rules-based straChausse has been using to manage his own account since 2008.

Chausse began trading energy utures in the 1990s, initat Hydro-Quebec and later at PG&E Energy Trading and WEnergy Services.From 2006 to 2008, he was part o a our-perenergy-trading team at SAC. He subsequently worked at InteEnergy Servicesand on the trading desk at oil giant BP.

Origami ... From Page 1unds since the financial crisis. Most o its deals are compand privately negotiated, with the firm seeking to acquire asat deep discounts, ofen around 50 cents on the dollar.

Origami has acquired some $2 billion o und stakes othe years, generating an internal rate o return o 44%, accoing to the investor letter. Te firm currently has $500 milunder management.

Opportunity Fund 3 will have a three-year investment perollowed by a five-year harvest period and two optional oyear extensions. Investors participating in the first close willa management ee equal to 1.5% o invested capital, less than1.75% that will be charged to limited partners who commit lTe und will charge a 1% ee on ununded commitments.

Afer investors receive an 8% preerred return, the manwill collect a perormance ee equal to 20% o gains, butinitial perormance ee will be higher under a provision will allow it to catch up to the 20% profit split.

Teres a airly narrow field o secondary-market buo hedge und interests. Te others include Crestline Manament, Dorchester Capitaland Rosebrook Capital.Tere are firms such as Lexington Partnersthat invest primarily in priequity und shares but also buy stakes in hedge unds.



5/8

High-Flying Fund May Bar EntryTe manager o a 2-year-old equity und that has generated

a 57% compounded annual return may soon close the door tonew investors.

Lemelson Capitalo Marlboro, Mass., just launched an off-

shore version o its Amvona Fund, which had $28 milliono gross assets as o April. But ounder Emmanuel Lemelsonalready is considering a halt to und raising, or ear that hissmall operation will become distracted by marketing andinvestor-relations duties.

His long-biased und, launched on Sept. 1, 2012, gained19.3% in the last our months o that year, ollowed by a 61.4%return in 2013 and a year-to-date gain o 23.2% through theend o July. By comparison, the HFRI Equity Hedge (otal)Index gained 14.3% last year and was up 2.4% or the first sevenmonths o this year. Lemelson employs both special-situationsand activist strategies to invest in U.S. companies.

Amvona Fund began with about $3 million o net assets,

and was up to $12.1 million at the start o this year. In addi-tion to stellar returns, Lemelson has attracted notice by mar-keting the vehicle under the JOBS Act, which permits privateund operators to advertise their perormance. Te managercharges ees equal to 1% o assets and 25% o gains above a6% hurdle.

Lemelson has an unusual background or a portolio man-ager. Beore he began managing money or separate-accountclients in 2010, he operated several small businesses, includingan online photographic-equipment company, and invested incommercial real estate. In 2011, he was ordained as a priest inthe Greek Orthodox Church.

Lemelson also has gained a degree o notoriety or waging a

legal campaign challenging the right o a securitization trust tocollect the principal and interest on a mortgage he and his wietook out in 2006. Te Lemelsons recently reached an agreementwith trustee U.S. Bankunder which they would pay $900,000 toretire a mortgage with a remaining balance o $1.5 million. Teagreement would save the Lemelsons a total o $1.2 million inprincipal, interest and ees.

Fund ... From Page 1only help the SEC better understand their business. I would behappy they are doing a good job to get to know the unds, saida chie operating officer at a firm that hadnt yet received a callrom the regulator.

In some ways, the outreach effort is an extension o thepresence exam program, in which the SEC set out in 2012 toexamine about a quarter o newly registered und operations.Tat program is now winding down. Presumably, the agencysees the telephone campaign as a more efficient way o survey-ing firms that didnt undergo presence exams.

It can help the SEC ocus more time and resources or inten-sive examinations on those firms that may be unresponsive tothe outreach program or that exhibit other indications o high-risk activity during the call, a hedge und lawyer said.


Hedge Fund Performance July Y Return Retu (%) (

BENCHMARK INDICES

S&P 500 -1.38 5Russell 2000 -6.05 -3

MSCI EAFE (Europe, Australia, Far East: net) -1.97 2

Barclays Aggregate Bond -0.25 3

Barclay/Global HedgeSource -0.51 3.

2,000+ funds (unweighted)

Eurekahedge Hedge Fund Index -0.10 2.


Greenwich Global Hedge Fund Index -0.33 2.


HedgeFund Intelligence -0.43 3.


HFN Hedge Fund Aggregate Average -0.57 2.


Fund of funds -0.57 1

Equity hedge -1.14 1

Relative value -0.02 2

HFRI Fund Weighted Composite -0.62 2.

2,000+ funds (weighted)

31

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6/8

Firebird ... From Page 1and other countries o the ormer Soviet bloc, with assets unmanagement peaking at about $4 billion. But heavy redetions during the financial crisis prompted the New York fito restructure its Firebird Global Fund. Firebirds assets n

stand at $1.1 billion.Among the firms other offerings are the Firebird New Rsia Fund and Firebird Republics Fund. In an Aug. 4 intervwith Bloomberg,partner Ian Haguesaid Firebird had rececut its exposure to Russia over concerns about the counhandling o the crisis in Ukraine and the sanctions it rom the U.S. and European Union.

Meanwhile, the firm is working on two new private equstyle vehicles one ocused on listed companies in Mongthe other on growth-equity opportunities in the Baltic stateEstonia, Latvia and Lithuania. In March, the firm held a ficlose or Firebird Mongolia Class 3, raising $3.5 million towan overall equity goal o $20 million. And in the ourth qua

Firebird plans to begin marketing Amber rust 3 with a million ($270 million) und-raising target. Firebird ran the two unds in the Baltic-ocused Amber series in partnerswith Danske Bank.Te Danske team has since spun off asCapitalo Helsinki, which will serve as co-manager or Amrust 3.


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7/8


LATEST LAUNCHES

FundPortfolio managers,Management company Strategy Service providers Launch

EquitLau

(M

Amvona FundDomicile: British Virgin IslandsSee Page 5

Emmanuel LemelsonLemelson Capital,Marlborough, Mass.508-630-2281

Equity: Long-bias Prime Broker: BTIGLaw firm: Armor Compliance

Auditor: Michael CoglianeseAdministrator: Michael J. Liccar & Co.

July 1

BrightView Adaptive FundDomicile: U.S.See Page 2

Michael KerrisBrightView Capital,Red Bank, N.J,732-924-4215

Equity derivatives

Firebird U.S. Value FundDomicile: U.S.See Page 1

Steven GorelikFirebird Management,New York212-698-9266

Equity: Long-bias July 15

Link Capital Absolute ReturnFundLink Capital StrategicOpportunities FundDomicile: U.S.See Page 3

William ClausLink Capital,Chicago312-226-6700

Lending: Studentloans

Sept./Oct.

Nokomis CommoditiesDomicile: DelawareSee Page 4

Richard ChausseNokomis Commodities,Greenwich, Conn.203-252-9075

Managed futures Aug. 1


8/8

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the move in the ourth quarter. At OneWilliam Street, he has been heading

marketing alongside Josh Simons who now will handle those responsi-bilities on his own. Schwartz will workin the New York office o CQS, theLondon-based multi-strategy shop ledby Michael Hintze.CQS had $14 billionunder management at the start o thisyear.

Mike Shillmanhas lef his post as ananalyst at Skytop Capitalto join RavenuerInvestment.New York-based Ravenuerwas ounded earlier this year by ormerTricadia Capitalportolio manager MarkBlack,with a strategy that spans a mix odebt and equity products. Te firm wasscheduled to launch its debut und dur-ing the second quarter, but its unclear ithe vehicle has started trading yet.

Emerging-markets und opera-tor TRG Managementelevated Jay

Cohenthis month to partner rommanaging director. Cohen man-ages the New York operations legaland compliance unctions, a role inwhich he also directs the structur-ing and ormation o new products.

He joined RG in 2010 as assistantgeneral counsel, moving up to chiecompliance oicer in 2012 and gen-eral counsel in January 2013. RG,ounded in 2002 by Nicolas Rohatyn,does business as Rohatyn Group. Itstarted this year with $4.8 billion oregulatory assets.

D.E. Shaw has picked up an analyst. MaxGrantarrived at the New York invest-ment shop this month rom investment-banking firm Foros Group, where heworked or three years. He is coveringtechnology, media and telecommunica-tions stocks under portolio managerEdwin Jager. D.E. Shaw was ounded in1988 by David Shaw.It had $33 billionunder management as o July 1.

A one-time Lazard analyst has signedon with the same title at equity und

operator Southpoint Capital.Keson Carrived last month as a member oSouthpoints investment team in NewYork. Choy was on board at Lazardrom 2010 to 2012, ocusing on mergand acquisitions involving healthcar

businesses. Afer that, he worked as associate at New York private equityfirm Welsh Carson.Southpoint finishlast year with $3 billion under manament.

Flyberry Capitalis in the final stageso negotiations with a new backer thwould park $10 million in a separateaccount run by the Cambridge, Masquantitative-investment shop. Teagreement would ollow the June arro a $2 million commitment romFirst Spring Corp., a New York investment firm that holds an equity stakeFlyberry. Tat contribution was routthrough aTyphon Capitalseparate-account business called yphon Acceflowing into a new vehicle called Flyberry Nautilus. Te vehicle was up 2rom June 24 to July 31. Flyberry waounded in 2012 by Michael Chang.
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