Hedge Funds

Satellite invests $300 million in spinoff

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Satellite Asset Management and its affiliates have invested $300 million in SIR Capital Management, the fledgling energy fund started by Satellite alums Vince Maddi and Sean Brennan. The investment gives New York-based Satellite a minority equity stake and lower fees, but not voting rights, in the nascent firm, according to SIR's marketing materials.

Brennan and Maddi will serve as co-portfolio managers of the new SIR Hedged Equity Fund, which will exploit relative value opportunities in the equities of global energy companies in such sectors as oil services, coal, natural gas processing and alternative energy.

The fund holds 100