Tepper protégé forges new fund
February 01, 2012
The Appaloosa founder is the lead investor in Incline Global, a new fund from a fellow Steel City native.
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 Global Management.
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,...
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