Hedge Funds

Elm Ridge spinout offers novel terms


A pair of analysts from Ron Gutfleish's Elm Ridge Capital Partners will launch a value-driven equity fund with some unusual twists.

Ryan Heslop and Ariel Warszawski, co-managers of New York-based Firefly Value Partners, have agreed to lock up the incentive fees collected by their new fund for three to five years. "The principals will lock up their incentive fees over the same period as our investing partners. We have formalized this commitment because we view our business as a true partnership - where principals and investing partners share the same constraints," the fund's marketing materials state.

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