Balyasny Asset Management, Dmitry Balyasny’s $21bn hedge fund firm, is embarking on a significant new chapter, with star portfolio manager Peter Goodwin set to build his own long-short equity division, Longaeva Partners, within the firm, according to a report by Business Insider.
This move marks a first for Balyasny Asset Management, which has traditionally operated with multiple portfolio managers (PMs) under one umbrella but never created an entirely new internal fund around a single manager.
Goodwin, hired earlier this year, will begin constructing Longaeva this month, exclusively managing capital for the firm, although the fund won;’t begin trading until early 2025. Named after the Longaeva tree, known as the world’s oldest living species, the unit is expected to scale up to a dozen teams under Goodwin’s leadership over time, according to sources familiar with the plan.
Balyasny’s decision to back Goodwin reflects the ongoing talent war in the hedge fund industry, where top-performing managers are highly sought after. It mirrors moves by rival Millennium Management, which has built independent equities divisions. Goodwin’s hire, reportedly involving a compensation package of between $50 million and $80 million, signals his value as a rising star in the sector.
Goodwin, 39, whose appointment involved a compensation package of between $50m and $80m, according to reports, previously rose through Point72’s PM incubator program, becoming one of the firm’s top-performing PMs.
Before joining Point72, Goodwin began his career at Lehman Brothers and then worked at hedge funds including DE Shaw and Och-Ziff Capital.
