After cutting his teeth as an analyst at Davidson Kempner Capital Management and then becoming portfolio manager at Korsant Partners, a New York-based family office, Joel Lusman has launched his own fund. He formed New York-based Magnum Opus Management and launched the first strategy last month.
The long/short global equity Magnum Opus fund, with a $350 million target, will invest in all sectors, Lusman said. It will have between 20-30 total positions. The fund has received commitments from U.S. and non-U.S. individuals, family offices, funds of hedge funds and institutions, he added.
Lusman, the fund’s portfolio manager, spent five years at Korsant. He has also brought Michael Walsh and Brian Lieberman with him from Korsant to be analysts on Magnum’s fund. Craig Rosmarin, who was hired as chief financial officer, was previously at RX Capital Management, a healthcare fund started by a Pequot Capital Management veteran (AIN, 5/11/02).
The strategy has a $1 million investment minimum, 1.5/20 fees and a two-year lockup. Goldman Sachs is the prime broker.