Fund launches & closures

Powe vet Chapman to restart Principia

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Marc Chapman is to restart the successful Principia long/short European equity fund that he ran at Powe Capital.

Principia was closed down in November 2008 after the group's flagship Modulus long/short equity fund, run by Rory Powe, was shuttered in the wake of heavy redemptions.

While Modulus' performance was poor in 2008, Principia was only down by a relatively small 6.5% that year. Started in October 2006, the fund gained 15.1% for 2006 and 18.1% in 2007. Despite keeping a relatively low profile, it had assets of around €200 million at its peak.

Chapman joined Powe Capital in 2002, having