Alex Karnal, a former partner at Deerfield Manager is set to complete one of the biggest US hedge fund launches in years in April, with the debut of a new USD3.5 billion fund, according to a report by Bloomberg.
The report quotes unnamed sources as saying that Karnal’s new Connecticut-based firm Braidwell will make public and private bets on the healthcare sector with a particular focus on biotechnology, pharmaceuticals, and medical devices and diagnostics.
The fund will launch on 1 April, and as well as making long and short wagers on stocks and convertible bonds, as much as 20 per cent of it’s investments will be in the equity and debt of early- to late-stage private companies. Braidwell, which employs a 1.5/20 fee structure, will also provide structured debt to public companies.
