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By Michael Flaherty
June 15 Two former partners at hedge funds Corvex Management LP and Trian Management LP are winding down the fund they launched late last year, after making just a few investments.
Ex-Corvex Partner Nick Graziano wrote to investors last week to say that the decision to shut the doors of Venetus Partners was very difficult but necessary for personal reasons.
"I have concluded it is necessary for me to step away from the markets for a period of time," Graziano wrote in the letter, dated June 9, adding that the reasons for the move were unrelated to the upstart fund.
Graziano and Venetus co-founder Chad Fauser, a former Trian partner, started investing in the fund late last year. Among the companies Venetus invested in was life sciences Parexel , which later put itself up for sale.
Graziano said the company's stock has appreciated more than 25 percent from the fund's cost basis on its investment.
"I would like to express my sincere and heartfelt thanks for your investment in the Funds and look forward to maintaining a relationship going forward," Graziano wrote.
(Reporting by Michael Flaherty in New York; Editing by Chris Reese and Diane Craft)
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