Fairholme Capital Management is opening up its nine-month-old hedge fund, Fairholme Partnership LP to offer interests for institutional investors.
Launched in January 2013 with seed capital from employees of Fairholme Capital, the Partnership currently has increased to approximately US$140 million in assets.
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Advised by Fairholme and its chief investment officer, Bruce Berkowitz, the Partnership pursues a focused, event-driven, fundamental value strategy.
The Partnership is designed for investors who share Fairholme’s contrarian, disciplined, and patient investment approach.
The Partnership seeks long-term growth of capital by investing in a focused portfolio of equity and fixed-income securities acquired at prices well below Fairholme’s estimate of intrinsic value. It will also engage in opportunistic hedges and invest in special situations such as reorganizations, recapitalizations, restructurings, and other corporate transactional events.
The Partnership offers investors three subscription options: Series One has a rolling five-year lock-up with a 15% incentive allocation; Series Two has a rolling three-year lock-up with a 20% incentive allocation; and Series Three has a rolling one-year lock-up with a 25% incentive allocation.
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By GlobalDataThe Partnership is not subject to a management fee and each series will have a high-water mark. The minimum investment amount is US$5 million, subject to waiver in the sole discretion of the general partner of the Partnership.
