Ex-Baupost’s Tom Kier Said to Start Hedge Fund With $37 Million

  • Delonix makes value investments on debt, stock of companies
  • Firm has as much as $113 million in additional commitments

Former Baupost Group principal Tom Kier has started a hedge fund in New York with $37 million.

Delonix Capital Management, which began trading internal money last month, opened to outside investors on Oct. 1, according to a person familiar with the matter. The firm has as much as $113 million in additional commitments over the next few quarters, the person said, who declined to be named because the information is private.

The fund makes fundamentally-driven value investments on the debt and equities of companies globally. "Investments will generally consist of equity and fixed income-related securities and other assets that may be affected by business, financial market or legal uncertainties," the firm said in an Oct. 14 regulatory filing.

Former Elliott Management associate portfolio manager Aaron Kapito and Ronak Patel, who was most recently a senior analyst at Larry Robbins’ Glenview Capital Management, joined Delonix earlier this year as senior analysts, the person said. Christian Hildenbrand, who spent eight years as chief operating officer at Merchants’ Gate Capital, has been hired at Delonix in the same role.

Prior to joining Seth Klarman’s Baupost, Kier was an analyst with Goldman Sachs Group Inc.’s special situations group.

Steve Bruce, an external spokesman for Delonix, declined to comment.

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