Gregg Weinstein, a former global head of risk management for Goldman Sachs Group Inc.’s investment management division, is establishing RocWood Capital Management LP, an event-driven hedge fund.
The firm, based in New York, will begin marketing in July with the aim of starting to invest in the third quarter, according to a person familiar with the discussions, who declined to be identified because RocWood’s plans aren’t public. The fund doesn’t have a target size, the person said.
It will invest across the corporate capital structure, seeking mispriced investments following a particular catalyst, the person said. Brandy Bergman, a spokeswoman for the RocWood, declined to comment.
RocWood has seven employees and plans a staff of twelve by the fund’s launch, the person said. It will expand as assets under management grow, the person said.
Weinstein, 45, left Goldman Sachs in December after 17 years, said Andrea Raphael, a Goldman spokeswoman. He held a variety of jobs, including overseeing U.S. investment-grade credit trading and convertible bonds. He was promoted to partner in 2002, according to a news release at the time.
There were 254 new funds launched in the first quarter of the year, up from 230 during the fourth quarter of 2009. There were 240 funds liquidated last quarter, up from 165 liquidated the previous quarter, according to a report released June 8 from Chicago-based Hedge Fund Research Inc.
The number of funds launched has been rising since the fourth quarter of 2008, when 56 funds were launched and 778 were liquidated, according to the report.