Hedge Funds

Sandell raises nearly $500m for concentrated fund

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Sandell Asset Management has raised almost $500 million in assets for its newest fund, a concentrated version of the firm's flagship event-driven strategy, Castlerigg International. That fund has returned 15% on annual basis since its launch in 1997 and is up about 14.88% year to date through the end of September.

The July 1 launch of the much-anticipated Castlerigg Global Select Fund had been delayed by several months.

Sandell manages the new Castlerigg Global Select Fund himself. The fund focuses on higher risk, higher reward opportunities in the event-driven arena, including mergers and special-event equities. It also has a