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Paulson & Co. To Launch New Hedge Fund

New York (HedgeCo.Net) – John Paulson, the infamous hedge fund manager turned billionaire who bet brilliantly against the housing market, will start a new fund later this year according to a report published on Bloomberg.com.

The new hedge fund will provide capital to financial institutions who have suffered losses due to mortgage writedowns.  It was the exact scenario that Paulson predicted that caused the world’s largest banks to write down over $450 billion in losses stemming from the subprime mortgage fallout.  In addition, it forced many hedge funds including the two from Bear Stearns that had invested in mortgage-backed securities to implode.

Paulson has not yet stated what his targets are for starting capital in the new hedge fund.  Paulson made the Forbes annual list of billionaires for the first time, after taking home an estimated $3 billion in 2007.  His firm, Paulson & Co. currently oversees over $33 billion in assets.

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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