Secondaries-focused private equity firm Paul Capital has reportedly lost four members of its healthcare team to hedge fund Visium Asset Management.
Ken Macleod, John Leone, David Lippman and Julie Rahman will begin investing in royalty streams from healthcare companies for Visium according to Bloomberg, which said it had obtained a statement from the company.
It said the group will continue to manage Paul Capital’s healthcare and royalty funds as a subadviser.
NHRS, which manages about $6bn of pension assets for the state of New Hampshire, committed $50m to Paul Capital Partners X (PCP X) according to public disclosures from the retirement fund.
PCP X is expected to follow a similar strategy to its predecessor, which targets fund stakes and portfolios of direct investments primarily in the US and Europe, although a maximum of 20 per cent of the fund’s value is likely to be allocated to opportunities in Asia Pacific and Latin America.
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