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John Paulson, the hedge fund manager that hit it big last year betting against the mortgage market, has plans to raise a new fund to invest in financial firms currently taking it on the chin from mortgage-related write-downs, according to Bloomberg.
The news service reports that:
Paulson aims to open the fund by December, according to two people with knowledge of the matter. His New York-based Paulson & Co. hasn't set a fund-raising target, said the people, who declined to be identified because the plans aren't complete.The $33 billion Credit Opportunities Fund managed by Paulson posted sixfold gains in 2007, as positions anticipating slumping mortgage-backed assets produced $3.7 billion in profits, making Paulson the highest-paid hedge fund manager last year. Paulson's fund scored another big win earlier this year when former Federal Reserve President Alan Grenspan joined the New York hedge fund as an adviser. - George White See Bloomberg story See Financial Times story on Greenspan Categories Deal Video
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