Hedge Funds

Proxima to launch first hedge fund

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Proxima Capital Management of New York is planning to launch its first hedge fund, a special situations portfolio, on January 1.

Proxima was formed in June 2004 by Youlia Miteva, previously an analyst for Stonehill Investment. Miteva also spent three years at Dan Loeb's Third Point Management, where she focused on event-driven investments and risk arbitrage. She began her career in the investment banking division at Donaldson, Lufkin and Jenrette.

The firm currently manages about $50 million in special situation investments for a single pension fund client. Miteva is targeting assets of $100 million to $150 million. The