Hedge Funds

Equity execs turn fund managers


Two more private equity executives are jumping on the hedge fund bandwagon. Thomas Ellis and Todd Hammer have started their own hedge fund firm, North Run Capital. The pair have also recently launched North Run Master Fund, a value-driven, event-oriented, long/short equity hedge fund. The fund currently has $25 million in assets under management.

The fund, a master-feeder structure, invests in securities trading at values that are divergent from their fair market values. The securities are identified through fundamental research, a private-equity valuation methodology and an event-oriented perspective. The duo use fundamental research and a free cash flow-based