Hedge Funds

Harbinger looks to raise more assets, seeks business development chief


Phil Falcone's Harbinger Capital Partners, whose assets quadrupled to $18 billion last year, is continuing to raise capital and is looking to hire a business development chief, a new role, to help in that endeavor.

While some investors redeemed earlier this year, the huge asset growth hasn't crimped returns. The firm's flagship event-driven and distressed fund (offshore), which rose 116.06% in 2007, was up 24.5% again through May 22. The firm now manages $23 billion.

Phillip Falcone

Harbinger, which relies on its parent Harbert Management for back-office support, employs fewer than 25 people, far less than many