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Bailey McCann, Opalesque New York: Los Angeles-based firm Steel Partners is planning to raise a new $500 million hedge fund, the S-III Opportuniity Fund. The fundraise would be the first new fund for activist investor and Steel Partners founder, Warren Lichtenstein, in over twenty years. The fundraise was first reported by Reuters, citing an investor letter.
Steel Partners last fund - Steel Partners II launched in 1993.
According to the Reuters piece, the Opportunity fund will look to invest in pieces of publicly traded companies. The new vehicle will differ from Steel Partners II, which is now a publicly traded entity known as Steel Partners Holdings and buys whole companies.
Lichtenstein will lead the investment strategy of the new fund along with Jack Howard and Ken Kong.
The news of the new fund comes as the firm plans to hold its first ever investor day, on March 28. "We look forward, at our first-ever investor day, to showcase the exemplary company we have built over the last several years," said Warren Lichtenstein, Executive Chairman of Steel Partners said in a statement. "Our corporate and operating management teams will make presentations to review our business simplification and growth initiatives."
Steel Partners was founded in 1990 and focuses on finding companies that are growth oriented and have "simple" business models. The firm has owner...................... To view our full article Click here
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