Louis Bacon is backing Greg Coffey's new hedge fund, Kirkoswald Capital Partners, with an undisclosed amount of cash.
The billionaire Louis Bacon is backing Greg Coffey's new hedge fund, according to the Financial Times.
Bacon, the founder of Moore Capital, once described Coffey as "the most impressive trader I've ever seen," according to a 2012 Financial News report. Coffey specialized in big macro bets and earned the nickname the "Wizard of Oz."
The Times reports that Coffey's fund, Kirkoswald Capital Partners, is set to launch later this year with more than $2 billion. Coffey is expected to put a significant percentage of his net worth in the fund, Business Insider previously reported.
Bacon has thrown his weight toward launches before, backing Ben Melkman's Light Sky Macro launch last year.
Coffey retired from the industry in 2012 at the age of 41, saying at the time that he intended to spend more time with family in his native Australia. He previously worked at GLG Partners and Moore Capital, where he ran two emerging-markets funds.
The Financial News report says Coffey's investment performance at Moore "failed to live up to the stellar returns he delivered at rival manager GLG Partners, where he built his reputation and earned himself hundreds of millions of dollars by outperforming both the markets and other hedge funds in the heady bull market of 2005 to 2007."
Coffey's new fund, with offices in London and New York, is shaping up to be one of the largest this year. Business Insider earlier this year reported its hires:
Coffey had backed Saltissi's fund, Abbeville Partners, named after an area in London where Saltissi and Coffey used to live. Abbeville filed to change its name to Kirkoswald Capital Partners with the UK's Companies House on January 30 and with a regulator the next day.
A representative for Bacon didn't immediately respond to a request for comment. Coffey declined to comment.