Lomas Capital Management, a long-short equity hedge fund firm founded by a former Caxton Associates portfolio manager, launched in New York last month with $240 million in assets, including $200 million from Daniel Stern’s Reservoir Capital Group.
The firm was founded by Daniel Lascano, who along with his team left the New York-based macro hedge fund firm Caxton in May last year. He was previously an equity portfolio manager at Caxton, covering all sectors. In addition to the Reservoir backing, the balance of the $240 million comes from the firm’s founders, according to people familiar with the launch. The firm runs a diversified long-short hedge fund that will invest in about 70 names and is focused primarily on the U.S, say people familiar with the firm. Lascano and Daniel Stern, chief executive of Reservoir, declined to comment.
Lomas also recently hired John del Virginia as its chief financial officer. Del Virginia previously worked at the $3.2 billion emerging market specialist hedge fund Gramercy, which is based in Greenwich, Connecticut.
Reservoir, along with The Blackstone Group and Goldman Sachs, is one of the most prominent seeders in the business and tends to write larger checks to the managers it seeds in exchange for a revenue share agreement. Another high-profile launch that Reservoir recently seeded is former Goldman Sachs’ prop trader Buck Ratchford’s spin-out, Wingspan Investment Management. Reservoir is giving Ratchford about $250 million to manage in his new fund.
There are no plans to replace Lascano and his team at Caxton, according to a person familiar with the firm.
