Launches & Closures Hedge Funds

Former Contrarian PM launches Mountaineer value fund

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Mark Lee began trading this month.

Mark Lee, who spent 11 years investing in distressed assets at Contrarian Capital, has launched Mountaineer Partners, a New York-based value-oriented long/short credit and equities fund that began trading this month.

Lee joined Contrarian in 2000 and left in January 2011. In 2003, he founded the Contrarian Long Short fund, an opportunistic value fund that invests in equity and distressed debt, where he took positions in Lehman Brothers and the auto industry. The fund now manages about $350 million in assets, with Bill Raine as manager. During Lee’s eight years managing the fund, it produced a