Hedge Funds

Ex-Deephaven event manager readies Pentwater rollout


Proving that pedigree can sometimes overcome challenging conditions, Matthew Halbower's event-driven Pentwater Capital Management appeared set late last month to become one of the few 2007 fund launches that will gather $1 billion or more in assets before the year is out.

The former head of event-driven strategies at $4.2 billion Deephaven Capital Management of Minnetonka, Minn., left Deephaven at the end of last year when his contract expired. He had been a senior portfolio manager at the firm, where his role included running the Deephaven Event Fund, which netted 28.65% in 2006.

Pentwater Capital began running internal capital