Fund launches & closures Hedge Funds

TPG-Axon and SAC execs to launch Palestra

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Jeremy Schiffman and Andrew Immerman are launching a global long/short equity hedge fund.

Jeremy Schiffman and Andrew Immerman are preparing the first quarter 2012 launch of Palestra Capital Management, a global long/short equity fund in New York.

The pair has secured $155 million in anchor investments from Goldman Sachs and TPG Capital "related entities," according to Palestra marketing materials. The firm’s flagship fund will invest primarily in equities but also in credit and derivatives. Target sectors will include consumer, financial services, industrials and energy. Palestra is still forming its management team and has yet to hire a chief financial officer, head of investor relations or a group of at least