Former Paulson & Co. partner Samantha Greenberg has received a $130 million commitment in seed money from the alternative investment manager Ramius LLC for her new hedge fund, Margate Capital.
Greenberg started Margate Capital after leaving Paulson & Co., where she wasa partner and the media/cable/satellite and consumer sector head, in January.
“We are excited to partner with Ramius, whose track record of successfully identifying and supporting emerging managers makes them the ideal strategic partner for Margate,” Greenberg said in a statement.
Greenberg declined to comment.
Ramius will be Margate’s first investor. The commitment will be for the next three years.
The $130 million commitment puts it ontrack to be among the largest seed deals of the year. It’s especially noteworthy because the seed market has virtually dried up this year because traditional hedge funds aren’t performing as well.
“Samantha has proven herself an astute and skilled investor, and we believe her talents are well-suited to markets where alpha generation is in short supply,” Ramius CEO Michael Singer said in a statement. “As Samantha’s partner, we are committed to doing everything we can to build a successful business together. We believe that Samantha’s formidable investment skills and talents will benefit our institutional and high-net-worth clients worldwide.”
Margate will focus on long/short equity across multiple sectors. The fund is expected to officially launch in the fall.
Greenberg will be among a few female hedge fund CEOs.
Brian Higgins, who worked with Greenberg at Goldman Sachs’ special situations group, will join Margate. Rachel Obenshain, who worked with Greenberg at Chilton Investment Co., will start at Margate on May 1. Obenshain was most recently a partner at Lodge Hill Capital, where she focused on consumer discretionary.
Bloomberg News first reported the seed commitment and the new hires.
Greenberg joined Paulson & Co. in July 2009. Before that she worked at Goldman Sachs in the bank’s special-situations group as a vice president focused on distressed credit for the media, telecom, and consumer sectors, according to LinkedIn. She has also worked at Chilton Investment Co. as a long/short equity analyst and at Francisco Partners as a private-equity associate.
Greenberg has been named one of Ernst & Young’s “50 Leading Women in Hedge Funds.”
She graduated summa cum laude from the University of Pennsylvania’s Wharton business school with a bachelor’s degree in economics. She holds an MBA from Stanford University.