Hedge Funds

Shapiro's Intrepid Capital starts a third product

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Steve Shapiro's Intrepid Capital Management is planning the addition of a third fund. The new fund, which is expected to launch in early 2005, will invest primarily in the healthcare sector. Erick Lucera, who was previously at Highfields Capital, will manage the new fund, which has been named Triathlon Life Sciences Fund.

Also joining Lucera as a managing director and senior analyst is Owen Hughes, who worked with Lucera at Highfields. The firm has also hired another senior analyst for the fund, but has not yet disclosed the name of the individual.

Triathlon Life Sciences will incorporate a