Hedge Funds

Appaloosa's Tepper to seed Duquesne spinout with $100m-plus

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With pedigrees that include very profitably managing more than $500 million of distressed assets for Stanley Druckenmiller's Duquesne Capital Management, Kevin Eng and Howard Kaminsky could be expected to attract plenty of attention for their planned hedge fund.

Add to that an unusual move by Appaloosa Management founder David Tepper to back them with at least $100 million of seed capital, and the venture becomes a certain high-profile launch.

Tepper - who has seldom backed startups and has only done so with a much more modest amount of capital - knows whom he is backing. Eng was at Appaloosa