Magnetar Seeks $400 Million for Its First Health-Care Hedge Fund
- Chris Procaccini’s team to avoid volatile biotech stock sector
- Startups in health care winning cash despite investor caution
Photographer: Chris Ratcliffe/Bloomberg
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Magnetar Capital, the alternative investment firm started by Alec Litowitz and Ross Laser, is set to launch its first health-care hedge fund next year, seizing on a strong sector for startups.
The firm is seeking about $400 million in the first close of fundraising by mid-2020, according to a person with knowledge of the matter. Portfolio manager Chris Procaccini, 43, who joined the firm in 2018, and a team of four analysts will take long and short positions on well-known stocks in businesses such as pharmaceuticals, medical devices and health-care services.