A group of hedge fund pros went a long way toward redeeming the industry’s basketball bona fides on March 16 when they beat a group of private equity rivals at the Net Gain Tournament in New York.
This is the third time hedge funds have been pitted against private equity firms at the annual charity event, which raises money for child-focused venture philanthropy organization Charity Youth, I.N.C., which stands for "Improving Non-profits for Children." Both previous meetings, in 2007 and 2008, have led to defeat for the hedge fund team. This time, though, the hedgies romped home to a 27-11 victory.
The hedge fund team consisted of captain Jeff Maniatty of MKP Capital Management, Ben Parks of MKP, Brent Benkovic of Sandler Capital Management, Jay McCareins of Weiss Multi-Strategy Advisors and Matthew Stehle of Glenview Capital Management.
The evening, which also featured a round-robin tournament, raised nearly $350,000 to provide basketball court time for students in New York City public high schools that do not have a home court.