NEW YORK (HedgeWorld.com)–With US$10 million in seed capital from Permal Group SCA, New York, three hedge fund veterans launched Naufal Capital LLC on April 1.

Naufal Capital will manage two funds, Naufal Capital LP and Naufal Capital Ltd., pursuing an event-driven strategy in the United States, Canada and Europe.

The new firm’s portfolio manager, Elie Naufal, had been the manager of the long/short catalyst and event-driven investments of Gabriel Capital Fund LP, New York, where he managed between US$200 and US$480 million from January 1999 until August 2002.

Naufal’s analyst, Julia Rosenfeld, had been a research analyst in the event-driven trading group of Gabriel Capital.

The one member of the trio who can’t blow Gabriel’s horn is Paul Eckel, who was most recently co-founder and business manager for MicroCapital LLC, San Francisco. A hedge fund, MicroCapital invested in the micro/small-cap growth sector. Earlier in his career, Mr. Eckel was a foreign exchange and fixed-income trader for Moore Capital Management and Caxton Corp.

Goldman Sachs will serve as Naufal’s prime broker; CITCO as administrator; PricewaterhouseCoopers as auditor; and Paul, Hastings, Janovsky & Walker LLC, New York, as legal counsel.

CFaille@HedgeWorld.com