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Blackstone to back ex-Eton Park partner with $150 million seed

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Blackstone to back ex-Eton Park partner with $150 million seed

BOSTON (Reuters) – Blackstone Group LP is backing a new hedge fund being run by former Eton Park partner Aaron Wertentheil with a $150 million commitment, two sources familiar with the matter said on Tuesday.

FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid

Wertentheil is launching Jones Road Capital Management with roughly $300 million in assets, including the capital from Blackstone, plus money from Eric Mindich, his former boss at Eton Park, and an unidentified endowment, said one of the sources.

New York-based Jones Road will concentrate on special situations investments in the corporate credit, government credit and equities markets, among others, the sources said.

Blackstone has already committed to also putting capital into a second portfolio that Wertentheil expects to raise after finishing fund raising for the first one, signalling the firm’s strong confidence in the manager.

The sources could not speak publicly because the investment is private.

Wertentheil could not be reached for comment.

Blackstone, which invests $78 billion in hedge funds, is making the investment with cash from its $1.5 billion Strategic Alliance Fund III, as it bets that new players can succeed in an industry that has struggled with poor returns and investor withdrawals in recent years. It has so far seeded six managers from this portfolio, including Tresidor Investment Management and Seiga Asset Management.

Blackstone’s seeders traditionally take a 15 to 25 percent cut of the fund’s business, people familiar with the terms have said.

Wertentheil worked for years at Mindich’s multi-strategy fund Eton Park, which made industry history for hedge funds when it raised a record $3 billion in 2004. Wertentheil oversaw more than a billion in assets at Eton Park and stayed on to help close the firm.

Wertentheil started generating buzz soon after Eton Park’s end in 2017 as someone who could start his own firm or join an existing one in a senior role.

James Connolly, who also worked at Eton Park, is a partner and senior managing director at Jones Road. Robert Renda is the firm’s chief financial officer, having previously worked at Folger Hill Asset Management, and Michael Adams is the chief operating officer and general counsel.

Securing seed investments from Blackstone often helps the new managers establish credentials and get up and running while it allows Blackstone to get in on the ground floor with promising newcomers.

Competition for Blackstone’s seed money is always fierce. But some critics note that seeder funds’ records can be uneven no matter how thorough the due diligence.

Reporting by Svea Herbst-Bayliss in Boston; Editing by Matthew Lewis

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Lorraine Warren dies at 92; paranormal investigator inspired ‘The Conjuring’ films

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Lorraine Warren dies at 92; paranormal investigator inspired 'The Conjuring' films

World-wide paranormal investigator and author Lorraine Warren, whose decades of ghost-hunting cases with her late husband inspired such frightening films as “The Conjuring” series and “The Amityville Horror,” died. She was 92.

Warren’s son-in-law Tony Spera and grandson Chris McKinnell posted Friday on Facebook that Warren died in her sleep Thursday night at her Connecticut home. Phone messages and emails were left with several of Warren’s family members. Warren’s attorney, Gary Barkin, confirmed his client’s death via email to The Associated Press.

AMERICA’S FIRST WOMAN ASTRONAUT CANDIDATE DEAD AT 88

“She was a remarkable, loving, compassionate and giving soul,” Spera wrote.

The Warrens founded the New England Society for Psychic Research in Monroe, Connecticut, in 1952 to investigate suspected hauntings. The group also posted of her passing on Facebook.

During their 61 years of marriage, Lorraine and Ed Warren investigated more than 10,000 cases in the U.S. and abroad, often writing about their experiences. Their unusual profession has been credited with sparking popular interest in the paranormal, as well as the television shows and films now dedicated to the subject.

“When nobody was really even talking about ghosts, they were just two people from Bridgeport, Connecticut, who came together and fell in love and Ed happened to have had a lot of paranormal instances when he was growing up and Lorraine was always the sensitive clairvoyant,” said Larry Dwyer, a staff writer at the Horror News Network, a website that covers the horror film industry. He said the couple realized they could use their “gifts” and Catholic faith to help people who believed they were being tormented by ghosts or demons.

Ed Warren died in 2006 and Spera now oversees the New England Society for Psychic Research. The organization’s website said Lorraine Warren had “decided to retire from active investigations regarding the areas of haunted homes and demonic infestations/possessions” but was still a consultant to the organization at the time of her death.

The Warrens’ work did receive criticism from doubters over the years. The New England Skeptical Society in 1997 said the Warrens’ “copious anecdotal evidence” of reports of hauntings vastly outnumbered their “low-grade physical evidence.”

Warren told The AP in a 2013 interview that she understood it was very difficult for people to accept she could see ghosts if they had never seen one themselves.

“I hope you never will,” she said. “I really don’t.”

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The 2013 film “The Conjuring” is based on the couple’s investigation into alleged events at a Rhode Island farmhouse in the 1970s. Lorraine Warren visited the set during the filming. She also spent time at her Connecticut home with actress Vera Farmiga, who portrays Warren in the movie and its sequels. Farmiga expressed her condolences on Twitter Friday, saying she was “blessed to have known” Warren and “honored to portray her.”

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NFL’s Danny Amendola lashes out at ex Olivia Culpo after reports of her getting cozy with Zed

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NFL's Danny Amendola lashes out at ex Olivia Culpo after reports of her getting cozy with Zed

Detroit Lions wide receiver Danny Amendola slammed ex-girlfriend Olivia Culpo in a lengthy Instagram post Friday following reports that the former Miss Universe was cuddling up to Russian-German DJ Zed at Coachella.

OLIVIA CULPO, EX DANNY AMENDOLA REUNITE AT WEDDING

In the post, which has since been deleted, the 33-year-old slammed Culpo, 26, for her “fishbowl lifestyle,” explaining that he chooses to nail up picture frames of the people he loves the most inside his home to protect them from ridicule rather than post about them online.

“Olivia chooses and wants to be noticed on the internet and in Hollywood to make money,” Amendola said, claiming her need for media attention was hard for him to understand because he plays ball “for one reason and that’s RESPECT.”

Amendola said he and Culpo both made mistakes during the course of their “loving relationship” and mentioned their “crazy” sex life. The football star said Culpo often got angry with him for not posting about their romance on social media.

He added that he chooses to live outside the public’s critical eye even though he has “a whole cell phone of funny, embarrassing, sexy pics IG would love to have.”

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“We’ve been off and on for a long time and have not been together as of late!” he wrote, concluding his post with a jab at media reports of Culpo with other men, including a video circulating of Culpo with Zed during Ariana Grande’s set at Coachella, E! News reported.

“Not sure what’s in the future but the only thing I care about is her HAPPINESS. And if that’s dancing with scrony [sic] little f—, so be it.”

Amendola signed a contract with the Lions in March after previously playing for the Dallas Cowboys, Philadelphia Eagles, St. Louis Rams, New England Patriots and Miami Dolphins.

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Seagram’s heiress Clare Bronfman pleads guilty to conspiracy charges in NXIVM sex cult case

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Seagram's heiress Clare Bronfman pleads guilty to conspiracy charges in NXIVM sex cult case

Seagram’s liquor heiress Clare Bronfman pleaded guilty on Friday in a widely publicized case accusing a cult-like upstate New York group of creating a secret harem of sex slaves for the group’s self-anointed spiritual leader.

Donning a beige blouse and blue pants, along with a blue and white scarf, Bronfman, 40, admitted in her plea in federal court in Brooklyn that she harbored someone who was living in the U.S. illegally for unpaid “labor and services” and that she committed credit card fraud on behalf of Keith Raniere, the spiritual leader of the group NXIVM.

ALLISON MACK PLEADS GUILTY TO RACKETEERING CHARGES IN NXIVM CASE

The daughter of the late billionaire philanthropist and former Seagram chairman Edgar Bronfman Sr. — told the judge that she had wanted to help people through NXIVM but ended up dishonoring her family.

Clare Bronfman, left, arrives at Federal court with her attorney Mark Geragos in the Brooklyn borough of New York, Friday, April 19, 2019. Bronfman has pleaded guilty to charges implicating her in a sex-trafficking conspiracy case against an upstate New York self-help group. (AP Photo/Mary Altaffer)

Clare Bronfman, left, arrives at Federal court with her attorney Mark Geragos in the Brooklyn borough of New York, Friday, April 19, 2019. Bronfman has pleaded guilty to charges implicating her in a sex-trafficking conspiracy case against an upstate New York self-help group. (AP Photo/Mary Altaffer)

“Your honor, I was afforded a great gift by my grandfather and father,” Bronfman said. “With the gift, comes immense privilege and more importantly, tremendous responsibility. It does not come with an ability to break the law.”

‘SMALLVILLE’ STAR ALLISON MACK CITES SCIENTOLOGY AS A DEFENSE IN SEX TRAFFICKING CASE

She added: “For this, I am truly sorry.”

As part of a plea agreement, Bronfman agreed to forfeit $6 million in addition to paying restitution to unnamed victims. She faces up to 27 months in prison at her sentencing scheduled for July 25.

Last week, former “Smallville” actress Allison Mack pleaded guilty in the same Brooklyn federal court to racketeering charges in relation to the cultlike group. Mack entered her plea shortly before jury selection was scheduled to start.

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The plea means Bronfman and Mack will avoid going to trial early next month with Raniere, who is facing conspiracy charges alleging that his inner circle of loyalists created a secret society of women who were forced to have unwanted sex with him. Prosecutors say some of the women were branded with his initials as part of their initiation.

According to prosecutors, Bronfman had long been affiliated with NXIVM — giving away tens of millions of dollars of her fortune to bankroll Raniere and his program of intense self-improvement classes. She also paid for lawyers to defend the group against a lawsuit brought by its critics.

Fox News’ Tyler McCarthy and the Associated Press contributed to this report.

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