Launches & Closures Hedge Funds

Quantek execution team forms new ABL firm.


The investment execution team of the high-performing Quantek Opportunity Fund has struck out on its own to form a new asset-based lending firm called Clifftop Capital Management. The firm, founded by Miguel Paredones and Joshua Castillo, has attracted $50 million in seed money.

Quantek, which had put up strong numbers through September 2008, began restructuring its Latin America-focused ABL lending fund this year after investors sought to withdraw several hundred million dollars (as first reported in Absolute Return's March 6 Weeky News). Quantek offered quarterly redemptions, and such substantial redemption requests were difficult to honor given the illiquid nature