Hedge Funds

Canyon tech expert plans launch


Steve Bardack, a senior technology analyst at Canyon Capital Advisors, has left the $8.1 billion Los Angeles hedge fund shop to start his own fund. Beverly Hills-based Strata Capital Management will launch a technology-oriented long/short equity fund on August 1.

Strata plans to accept no more than $400 million at launch, and it's already well on its way to raising that amount. The firm has secured a strategic $50 million initial investment from an unnamed billion-dollar hedge fund, and it has received commitments from four ultra high-net-worth investors for about $50 million more. After reaching $400 million, it will