Gregory Ciongoli, a partner in the public investment group, has departed hedge fund The Baupost Group, according to a spokesperson.
Ciongoli joined the firm known for its value-oriented investing approach in 2007. Baupost has no plans to replace him in the role, a spokesperson said.
Baupost recently informed its clients that Ciongoli planned to depart the firm to start an entrepreneurial venture, according to a source familiar with the matter. Ciongoli could not be immediately reached for further details.
Baupost has several other partners within its public investment group, according to the firm’s website. Baupost was founded in 1982, and CEO and portfolio manager Seth Klarman oversees the firm’s investments. Baupost has approximately $23 billion in assets under management.
Baupost ranks as the 20th largest hedge fund manager, according to Pensions & Investments 2023 data.
