Steve Bardack, who managed the technology portfolio at Canyon Capital Advisors, has launched a long/short equity strategy at his Beverly Hills startup Strata Capital Management. The Strata Fund launched Aug. 1 with a $1 billion capacity investing in approximately 15 long and 40 short positions in U.S.- and non-U.S.-based companies “that are using technology to improve their overall value proposition or strategic position,” Bardack said. So far, the fund has received money from high-net-worth individuals, along with seed capital from a long/short hedge fund in New York that Bardack declined to identify.
Prior to Bardack’s three years at Canyon, he co-founded and managed Pathway Ventures, an investment bank in Silicon Valley.
He also hired four people to his team: Todd Moodey, cfo and chief operating officer, was formerly chief financial officer at Palmyra Capital Advisors, a San Francisco-based long/short hedge fund. Scott Stevens, sector manager, was a technology analyst at Ivory Capital Group, a long/short equity hedge fund firm based in Los Angeles; Brian Alger, sector manager, was a sell-side analyst at Pacific Growth Equities, an investment bank in San Francisco; and Marc Nix, trader, was previously a trader at Partner Fund Management, a long/short shop in San Francisco.
The strategy has a $2 million investment minimum, 1.5/20 fees and an 18 month soft lockup. Goldman Sachs is the prime broker. In its first month, the strategy was up approximately 7.4% net of fees.