SAC Capital Advisors LP, the $12 billion hedge fund run by Steven A. Cohen, is spinning off its private-equity group, according to a person with knowledge of the plan.
The group, called Siris Capital, hopes to raise $400 million for a buyout fund that will focus on deals in the technology, telecommunications and health-care industries, said the person, who asked not to be identified because the information is private.
Siris is led by Frank Baker, Peter Berger and Jeffrey Hendren, who all previously worked at private-equity firm Ripplewood Holdings LLC in New York before joining SAC Capital in 2007.
A spokesman for Stamford, Connecticut-based SAC Capital declined to comment. The move was reported earlier today by Dow Jones Newswires.