Hedge Funds

Zebra preps U.S. equity long/short


Zebra Capital Management is launching a new long/short equity hedge fund in the first quarter of 2008, after closing another long/short fund that it ran from Morgan Stanley's hedge fund platform.

Yale University professors Roger Ibbotson and Zhiwu Chen co-founded Zebra in Milford, Conn. in October 2001 and now run $300 million through two funds. Both vehicles have had very strong runs this year: Through September, Zebra Equity Market Neural Fund II was up 25%, and Zebra Multi-Strategy Fund was up 17.76%.

The firm's previous long/short fund, the $34.7 million Zebra US Equity Long/Short Fund, performed less well.