Melvin Capital to Raise Money for a New Long-Only Fund
- Move follows a year in which the firm’s main fund lost 39%
- Melvin ensnared in Reddit-fueled push to bid up stocks
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Gabriel Plotkin, the money manager who lost billions of dollars selling stocks short a year ago, plans to raise capital for a new fund called Melvin Capital Long Only LP.
His Melvin Capital Management has yet to take in any money for the fund, according to a U.S. Securities and Exchange Commission filing Monday. Plotkin also filed a separate notice for Melvin Capital Long Only Offshore Ltd., a Cayman Islands entity that would typically take in money from tax-exempt investors. No timetable was provided for when fundraising will begin.