Hedge Funds

Perry incubator seeks ideas swap


Perry Capital, the $5 billion event-driven group run by Richard Perry, has started a hedge fund incubator. It has already seeded three managers with $125 million between them from the main Perry Partners event-driven fund and is looking for more funds to back.

The three funds are housed on a floor in the Perry headquarters in New York and are given all the necessary infrastructure to enable them to run the operations side of the business efficiently.

While Perry clearly hopes to make money from its investment in these managers, one of the main reasons for the new incubator programme