01/15/2014

Technology-Fund Startup Begins Marketing

Dennis Puri and Oliver Keller are trying to raise $100 million for an equity hedge fund they are showing to investors this month.

Puri and Keller’s New York firm, Hunt Lane Capital, actually started trading Hunt Lane Capital Fund on Oct. 1 with an undisclosed sum. But they didn’t formally start putting the word out until this month.

The vehicle targets so-called TMT stocks — companies in technology, media and telecommunications. Puri and Keller both have worked on the private equity side of that sector and invested in the public markets.

Puri, the fund’s portfolio manager, most recently oversaw TMT stocks for EMS Capital, a hedge fund operation run by Edmond M. Safra, the grandson of the late banker Edmond J. Safra. Puri left EMS last March. He has also done several stints for private equity firms, including Crosslink Capital and RCM Global, which was acquired by Allianz Global last year.

Keller worked at Larry Robbins’ Glenview Capital as a senior analyst heading the media and telecom sectors from 2006 through last March. On the private equity side, he worked at Carlyle Group for more than two years, until 2006.

Investors who contribute capital to the fund during an “ignition round,” which ends June 30, are entitled to discounted fees. They initially will pay a management fee equal to 1.5% of assets plus a 15% performance fee. But fees will decrease to 1% and 10% for those early limited partners after the fund’s assets reach $250 million. Those getting in after June 30 will pay 1.5% and 20%.

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