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FRM Seeding New Hedge Fund With $50M Injection
by Marc Raybin ,Editor July 30, 2010

Seeding firm FRM Capital Advisors announced it has agreed to invest in a new hedge fund run by a former manager from Citadel.

FRM will invest $50 million in the first fund being launched by Varna Capital, which is headed up by Svetlana Lee.

Varna’s fund is an event-driven vehicle that will implement a long-short strategy focused on equities.

Prior to starting Varna, Lee managed an equity long-short fund at Citadel. Before that, she worked for Greenlight Capital, The Baupost Group and Perry Capital.

The first fund is expected to launch in the fourth quarter, according to the announcement.

Varna represents the sixth seeding investment for FRM since the firm began investing in 2008.

FRM is a division of Financial Risk Management, a fund-of-hedge funds that has $8.5 billion in capital under management.

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