SAC Capital's Private Equity Group Is Spinning Off And Will Be Seeded By Cohen

SAC Capital’s private equity group is spinning off into an independent buyout firm and has started its fundraising effort, Dow Jones reports (via DB).

The new group, founded by Frank Baker, Peter Berger and Jeffrey Hendren, is called Siris Capital.

The trio joined Cohen’s hedge fund in 2007 after having worked for Ripplewood Holdings, a private equity firm, for almost 10 years. 

According to Dow Jones, Siris is looking to raise $400 million to make investments specifically in tech, telecoms and health-care. Other industries “will be considered” though.

Cohen will seed the new fund, though there’s no word on how big his stake will be.

As for the new principals, their résumé are a first-class.

Frank Baker worked for three years in JP Morgan’s Securities Capital Markets Group before he joined Ripplewood in 1999 and prior to that was an analyst at Goldman Sachs in the M&A group. He has B.A in Economics from the University of Chicago and an MBA from Harvard.

Peter Berger founded Ripplewood in 1995 and before that was a senior partner and global head of the Corporate Finance Group at Arthur Andersen. He was also a Managing Director in Bear Stearns’ investment bank for two years. He earned a B.Sc. from Boston University and an M.B.A. from Columbia.

Jeffrey Hendren was with Goldman Sachs’ merger department before Ripplewood. He earned a B.Sc.
with honours in Accounting and Finance from Indiana University and has an M.B.A. from Harvard.

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