Hoplite Founder Turns to Cannabis Investing With New Fund (1)

John Lykouretzos, founder of now-shuttered hedge fund Hoplite Capital Management, is raising money for a private equity and credit fund focusing on the cannabis industry.

FocusGrowth Asset Management reached a first close this month on its inaugural fund with $51.6 million in commitments, according to a person with knowledge of the matter. It’s targeting $250 million for the vehicle, which may wrap up fundraising by year-end.

Read more: Hoplite Hedge Fund Returns Money to Investors After 16 Years

More Americans are using marijuana while stuck at home during the Covid-19 pandemic, giving the industry a boost and lifting ...