Hedge fund manager Jeffrey Vinik has made a $20 million seed capital toward an investment firm run by his former stock picker.
Bloomberg reported that Vinik invested $15 million in two of David Iben’s Florida-based Kopernik Global Investors’ funds and made an additional five year, $5 million loan to the firm. More than half of Kopernik’s 28-member staff came from Iben’s global value unit at Vinik’s hedge fund firm, Vinik Asset Management.
Vinik told investors earlier this year that he was returning external capital at Vinik Asset to focus on his charitable foundation and the Tampa Bay Lightning, the professional hockey team he owns. The firm has now transitioned into a family office.
Kopernik has about $29.5 million under management, including the $15 million invested by Vinik and more than $13 million contributed by employees.