Prentice Capital to unwind private-company investments

Mon Jun 2, 2008

Prentice Capital Management is unwinding its side-pocketed private-company investments, following a writedown of 7.7% in the fourth quarter on Levitz Furniture. The firm has tapped two senior analysts to co-head the effort.

Side-pocket investments now make up 30% of the $1.5 billion hedge fund, whose management team left Steve Cohen's SAC Capital Advisors in 2005. The firm plans to sell all its private-company investments over time, but the side pocket will still invest in public securities.

Prentice's decision follows the losses...


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