In the face of a large number of client withdrawals from his Longacre Fund Management firm, Vladimir Jelisavcic launched a new hedge fund firm, Bowery Investment Management. Jelisavcic will continue to manage the Longacre Opportunity Fund from Bowery, a distressed debt investment fund he launched in 2009.
Jelisavcic founded Longacre Fund Management in 1999 with two colleagues from Bear Stearns, John Brecker and Steven Weissman. At its height Longacre managed over $3 billion in assets. A sudden surge in redemptions from clients forced the partners to close down Longacre’s main funds, and now they are in the middle of returning funds to investors.
Brecker will also join Bowery in the role of finding “unique, off-the-run credit opportunities.” Bill Gushard, former distressed bank trader at Paulson & Co. until he left last February, will also be a manager at Bowery. At the moment Bowery has $100 million in assets, but is looking to add capital to the fund.