As hedge fund managers, David Tepper and Jeff Lignelli
travel in the same elite financial and social circles, but it's
their humble Pittsburgh roots that brought them together.
That relationship recently led
Tepper to make an undisclosed lead (but not a seed) investment
in a long/short equity and opportunistic credit strategy that
Lignelli plans to launch on April 1 at his new firm, Incline
Lignelli cites Tepper
prominently in Incline's marketing documents as a mentor, and
Lignelli's success as an asset manager increased considerably
once he began sharing ideas with, and learning from, the
Appaloosa Management founder.
It is only the second time that Tepper is known to have
supported a spinoff from his $14 billion firm. In 2011, he gave
an undisclosed sum to Nokota Management, a fund founded by
Appaloosa senior analyst Matthew Knauer and Mina Faltas, an