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August 22, 2018  

Big Redemption Leads AidennLair to Close

Former Tricadia Capital executive Ari Benjamin is shutting down his AidennLair Capital two years after launching with a big chunk of seed capital from Pacific Alternative Asset Management Co.

Sources said the New York firm is in the final stages of liquidating its AidennLair Master Fund. At the start of the year, AidennLair had $259 million of assets, including leverage. The firm employed seven people, including five investment professionals.

The decision to unwind the event-driven fund followed a move by Paamco Prisma Holdings, formed last year via the merger of Paamco and KKR’s Prisma unit, to withdraw its entire stake. Paamco seeded AidennLair in May 2016 with $128 million, on a gross basis.

Paamco Prisma, an Irvine, Calif., fund-of-funds manager with more than $30 billion under management or advisory, decided to reallocate the capital to other strategies, a source said. AidennLair’s returns were unavailable.

Benjamin took a catalyst-driven approach to investing across the capital structure. He was joined at AidennLair by chief operating officer Kelly Ireland, who also has worked at LionEye Capital and Trivium Capital.