Connecticut-based SAC Capital Advisors is set to spin off its private equity group, The Wall Street Journal reports. The new group, Siris Capital, is seeking to raise $400 million for a buyout fund that will focus on deals in the technology, telecommunications and health-care industries.

The new firm, backed by SAC’s Steven Cohen, will help support the debut vehicle, Siris Partners II. Siris is headed by Frank Baker, Peter Berger and Jeffrey Hendren, who all previously worked at private equity firm, Ripplewood, in New York before joining SAC in 2007.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Bloomberg.