Fund launches & closures Hedge Funds

Ex-Canyon exec to launch multistrategy fund with Q Investments seed

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Steve Pei gets at least $25 million to start Gratia Capital.

Steve Pei, a former executive at $17.4 billion Canyon Capital Advisors, has secured a $25 million seed deal from Q Investments to launch a multistrategy hedge fund firm, Gratia Capital, in Los Angeles.

Q Investments, the $2.3 billion Fort Worth, Texas firm that runs private equity and hedge fund strategies, will also match all investments raised from other limited partners, according to a description of the new fund in a client update distributed by the J.P. Morgan Prime Services’ capital introduction group and obtained by AR. The presumptive ceiling of the match deal was not immediately clear. At least