Appaloosa Alum’s Special Situations Fund Gains 64% in First Year

CastleKnight Management, a credit and equity hedge fund founded by Appaloosa Management alum Aaron Weitman, gained a net 64% in its master vehicle in its first full year, according to people with knowledge of the gains.

The roughly $425 million fund is up nearly 100% since its October 2020 launch, said the people, who asked not to be identified discussing private results. The cross-asset special situations fund has about a third of its capital in credit, and about two-thirds in equities.

Weitman declined to comment on the fund’s returns, but said CastleKnight sees investment opportunities stemming from the ...