Paul Singer’s Elliott Investment Management is committing over $100m to support credit specialist Debdeep Maji in launching his new hedge fund firm, 37Spruce Investment Partners, according to a report by Bloomberg.

The fund, which is expected to begin trading later this year, will concentrate on collateralised loan obligations (CLOs) and structured credit opportunities.

Early investors in 37Spruce will receive a portion of the firm’s revenue, according to sources familiar with the arrangement. The backing from Elliott, which manages roughly $80bn and is known for activist positions in distressed companies and sovereign debt, marks a high-profile endorsement for Maji’s debut venture.

This move reflects a broader trend among multi-strategy hedge funds to turn to external talent to manage their expanding assets and maintain consistent returns. Firms such as Izzy Englander’s Millennium Management have been pioneers in seeding emerging managers, while Elliott has previously supported new CLO-focused ventures, including Elmwood Asset Management, which now manages around $23bn.

Maji brings extensive experience in structured credit and CLOs, having spent 16 years at Oxford Funds as a portfolio manager. He subsequently led structured credit at Irradiant Partners before departing in 2025 to launch 37Spruce.