Paulson Protege Who Scaled Kilimanjaro Builds $1 Billion Fund

A former Paulson & Co. partner has transformed a small investment vehicle he inherited from his old firm into a private equity fund with almost $1 billion of assets.

When Andrew Klaber’s Bedford Ridge Capital took control of Paulson Investment Co. I in October, the fund had just $169 million. Today, its capital and commitments exceed $900 million, according to a regulatory filing.

Combined with several other co-investment vehicles acquired from Paulson, as well as money it raised for a pair of new growth equity funds, Bedford Ridge’s assets under management totaled almost $1.3 billion at the end ...