Hedge Funds

Activist play for Pirate Capital

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The portfolio team behind the $800 million Pirate Capital value and event-driven Jolly Roger Fund, run by ex-Goldman Sachs pro Tom Hudson, is planning to launch a new dedicated activist fund on January 1, 2006.

Tom Hudson

The new fund is not being created because of any plans to cap Pirate's flagship strategy. Hudson says the existing Jolly Roger Fund, with its value and event-driven strategy, can be scaled to optimally allow between $1.5 billion and $2 billion, meaning assets under management can more than double in the strategy.

That existing portfolio has certainly benefited from