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August 10, 2016  

Early Gains Lift Kamensky's Marble Ridge

Former Paulson & Co. partner Dan Kamensky is off to a strong start with a distressed-debt hedge fund he launched in January.

Kamensky’s firm, Marble Ridge Capital of New York, informed investors last week that its Marble Ridge fund was up 15.1% at the end of July. By comparison, Hedge Fund Research’s Event Driven: Distressed/Restructuring Index is up about 3.5% year-to-date.

Marble Ridge, which invests in both the debt and equity of financially troubled companies, started out with about $30 million — including money it raised from Bain Capital co-founder Coleman Andrews. It’s unclear how much the firm is managing at this point, but it is close to filling a so-called founders share class with more than $250 million. And it expects to have $500 million under management by yearend.

In a letter to investors last week, Kamensky said the remaining capacity in the founders share class would be filled by “one of the world’s leading investment firms,” which has entered into a “strategic relationship” with Marble Ridge. The founders class charges fees equal to 1.5% of assets and 15% of profits, while the standard share class charges 1.75% and 20%.

The firm’s marketing efforts are led by Bill Casey, who arrived in April from King Street Capital.

Kamensky spent six years at Paulson, leaving in early 2015. He originally planned to launch a distressed-asset vehicle in partnership with former Davidson Kempner Capital executive Sara Tirschwell. Their planned fund operation, dubbed Livia Capital, even secured a large commitment from fund-of-funds shop Aurora Investment. But Kamensky and Tirschwell abruptly parted ways late last year.

Tirschwell is currently setting up her own hedge fund firm with backing from TCW.