20 April New York-based Paulson & Co. Inc. recently expanded outside of its existing merger arbitrage mandate with the launch of a pair of event-driven arbitrage funds. The Paulson Advantage funds will invest in merger arbitrage, distressed securities, relative value and special situations. The new funds opened to new investors last month, just as the firm closed its existing merger arbitrage funds to new investors. The domestic and offshore funds were started with $105 million in assets.
Joining the Advantage fund team are John Pankratz, former senior vice president for a $9 billion fixed-income portfolio at Reliance Insurance