Launches & Closures Hedge Funds

LRV Capital, formed by ex-Millgate team, nabs $50m in first Stride seed deal


Long/short helmed by Mark Rooney finally gets started.


LRV PM Mark Rooney 

A team from liquidated Millgate Capital has secured the first seed deal from Stride Capital, a $50 million agreement that allowed the long-awaited fund to get off the ground, according to people familiar with the strategy.

LRV Capital, based in New York and led by former Millgate partner Mark Rooney as portfolio manager, began trading in April with a long/short equity strategy focused on companies based outside the U.S. The firm targets midcap companies with between $500 million and $10 billion in market capitalization, the people familiar said. Unlike some similar