GLG Partners has launched a fund to take advantage of the expected upturn in merger and acquisition activity this year. The new event-driven fund is managed by Kaveh Sheibani and Julian Harvey Wood.
The fund launched internally on Nov. 1 with firm capital, and is now being made available to investors. It will focus on merger arbitrage, balance-sheet restructuring and opportunistic event-driven investments. The fund is understood to draw from Sheibani and Harvey Wood’s previous strategy, which they ran at London-based boutique Pendragon Capital before joining GLG early last year. Specifics about the new fund could not be ascertained and a GLG official declined to comment.
Sheibani and Harvey Wood were two of the three founders of event-driven specialist Pendragon, which opened its doors in 1999. According to information sourced by Reuters at the time of the duo’s move to GLG, they saw life getting tougher for smaller funds and sought to benefit from GLG’s infrastructure, its capital-raising abilities and its intellectual capital.
GLG managed $21.6 billion at Sept. 30.
—Robert Murray