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Minerva Investment Management hires Michael Burry for short-biased fund
Minerva, which plans to launch later this month, is targeting potential stress in private-credit borrowers, as Fitch data showed US private credit default rates hit 6.3% annualized in August, the highest on record.
Hedgeweek reports that Minerva Investment Management has brought Michael Burry on as a senior adviser for a new short-biased hedge fund aimed at spotting potential weaknesses in private credit. The fund is founded by short seller Laks Ganapathi and is expected to launch later this month, with Ganapathi describing a focus on areas where financial pressure may be harder to see due to opaque lending markets.
According to the Reuters-reported details cited by Hedgeweek, Minerva is examining potential short opportunities across healthcare, retail, restaurants, and smaller banks. Ganapathi said financing arrangements linked to private credit could leave some companies facing greater financial stress than their reported results suggest.
Hedgeweek also notes that Ganapathi did not identify specific targets or disclose the fund size. The broader backdrop for the strategy includes data from Fitch Ratings, showing US private credit's annualized default rate reached 6.3% in August, the highest level on record.