James Chavin, a former senior director at Motorola, and Greg Parsons, a former associate principal at McKinsey & Co., have cofounded a Chicago-area firm to try their hand at managing a hedge fund focused on distressed equities.
Glencoe, Ill.-based CP Capital Advisors is planning to launch its maiden long/short equity fund in April and has $10 million of committed capital. The fund will focus on small-cap stocks and offer quarterly withdrawals with no lock.
Both managing members will apply their experience analyzing distressed companies to support the funds contrarian value strategy. Marketing materials say the fund expects to hold