Launches & Closures Hedge Funds

Reservoir seeds new special situations shop


Dan Stern's Reservoir Capital Group has committed $100 million to a new hedge fund firm in New York founded by Richard Hurowitz and Gregory Racz.

The new firm, Octavian Advisors, will employ a global special situations strategy, investing primarily outside the U.S. in event-driven, risk arbitrage and distressed opportunities, as well as in structured, proprietary and private instruments and transactions. Octavian will initially manage the capital from Reservoir but has plans to open to outside investors at some future date.

Hurowitz, Octavian's chairman and chief investment officer, comes from Halcyon Asset Management, the $3.2 billion New York multistrategy firm, where