Kortright Capital Partners LP, the event-focused equity hedge-fund firm founded by Och-Ziff Capital Management Group LLC (OZM:US) alumni Matthew Taylor and Ty Popplewell, received seed capital from Investcorp.
Taylor and Popplewell started Kortright, which invests in “opportunities arising from corporate change” in shares of small- and mid-cap companies, in 2010, according to an Investcorp statement that was obtained by Bloomberg News.
Before starting New York-based Kortright, which has $75 million in assets, Taylor and Popplewell worked together at Daniel Och’s Och-Ziff. Taylor was a managing director at Och-Ziff from 2003 to 2008 and Popplewell as a senior analyst from 2005 to 2009, Taylor said yesterday in a telephone interview. Event-driven fund managers typically seek to profit from corporate events such as mergers, spinoffs and bankruptcies.
“A lot of the folks who do what we do are very big, they leave a big wake behind them in small- and mid-cap stocks,” Taylor said. The firm employs a “deeply fundamental investment process,” according to the statement.
Investcorp, which provides startup capital of $50 million to $100 million to alternative-investment firms, has investments totaling $2 billion through its seeding program in five hedge funds including Kortright, Nick Vamvakas, managing director and head of development for Investcorp’s single-manager platform, said in the same telephone interview.
Investcorp, based in Bahrain, had $11.5 billion in assets as of Dec. 31. Its three businesses include corporate investment in the U.S., Europe and the Gulf Cooperation Council countries; real estate in the U.S.; and global hedge funds. It is publicly traded on the Bahrain Bourse, runs its hedge-fund operations out of New York and also has offices in London and Saudi Arabia.
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