Harbinger Capital
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| Private company | |
| Industry | Financials |
| Founded | 2001 in Birmingham, Alabama by Harbert Management Corporation |
| Headquarters | New York City, New York, USA |
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Key people
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Philip Falcone (Senior Managing Director) |
| AUM | $9 billion |
| Website | www.harbingercapital.com |
Harbinger Capital Partners is a private hedge fund based in New York City, New York, founded by Philip Falcone. Falcone remains the fund's Senior Managing Director.
Harbinger is a highly diversified multi-strategy hedge fund. It has bet against sub-prime mortgages in the United States and the United Kingdom, including HBOS. It is also a major investor in LightSquared, a troubled wireless communications company that filed bankruptcy in 2012, formerly known as SkyTerra Communications Inc. Harbinger's $3.05 billion restructuring plan gives 74 percent of LightSquared to Cerberus Capital Management LP, Fortress Investment Group LLC and JPMorgan Chase & Co., leaving Falcone with 12.5 percent of the company's equity. In March 2015, a judge approved Harbinger Capital's restructuring plan of LightSquared, which pays off lender Charlie Ergen, putting LightSquared in the hands of investors.
In November 2014, Falcone announced his resignation as chief executive and chairman from Harbinger Group HRG, whose second biggest shareholder is Harbinger Capital. Falcone was paid a lump-sum of $40.3 million upon his resignation.
In March 2015, the lawsuit accusing Falcone and Harbinger Capital Partners of "misleading investors about the firm's stake in LightSquared Inc." was dismissed.
The firm's hedge funds include the Harbinger Capital Partners Master Fund, the Credit Distressed BlueLine Fund, and Harbinger Capital Partners Special Situations Fund.
According to press accounts the assets under management at Harbinger peaked at $26 Billion in 2008 and had declined to approximately $9 Billion as of 2010 due to sizeable investor redemptions with approximately 40% of that total (approximately $3.5 Billion) concentrated in investments related to building a high-speed wireless network in the United States.
Harbinger was founded in 2001 by its Senior Managing Director Philip Falcone and Harbert Management Corporation, a Birmingham, Alabama-based investment company that provided much of the original funding. Harbinger had funds under management of $26.5 billion (£13.4 billion) as of the end of June 2008. In 2009, Harbinger acquired the ownership of its funds from Harbert, although Harbert handled administrative functions for Harbinger for a short transitional period. Also in 2009, Harbinger acquired controlling stock of the Zapata Corporation from the Glazer family and changed its name to The Harbinger Group Inc. (NYSE: HRG). The hedge fund is based in New York, New York.
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Wikipedia