Seth Klarman, founder of the $28.5 billion Baupost Group, is taking time away from the office after undergoing cardiac bypass surgery last week, said a letter sent to the hedge fund's investors.
Mr. Klarman said the operation was planned several weeks ago after a routine checkup revealed some concerns. Diana DeSocio, a spokeswoman for Baupost, confirmed the letter's contents and said Mr. Klarman would be going home Tuesday.
“Last Wednesday, I underwent successful cardiac bypass surgery and am currently recuperating. I expect to be home in a couple of days,” Mr. Klarman wrote. “I intend to take things at a measured pace as my doctors suggest.”
Mr. Klarman expects to begin working from home before returning to the office full time, according to the letter. He founded Boston-based Baupost in 1982 and built it into one of the largest hedge funds. A bargain hunter and author of the 1991 book “The Margin of Safety,” Mr. Klarman has only suffered two losing years since the firm's inception.
“I will take the time necessary to regain my strength knowing that in the interim the firm is in capable hands with a strong and cohesive leadership team,” Mr. Klarman wrote in the letter.