Primer of NY-based event-driven / special situation hedge funds

In this article, you will learn about the 39 event-driven / special situation single-manager hedge funds in New York. Quite a few “Rubin cubs”, “Rubin grandcubs”, and “Appaloosa cubs" on deck, not surprisingly.

Special note on event-driven / special situation hedge funds:

Event-driven strategies can be run market-neutral due to the need for hedging, especially in areas like merger arbitrage. So I won't call out market-neutrality for specific funds.

Some event-driven and special situation funds are credit-focused—those won’t be profiled here. I’m also skipping funds that are value-first and only opportunistically event-driven. Many traditional value funds like to layer in event-driven ideas because, when their long-term bets aren't moving the needle, event-driven plays—thanks to their idiosyncratic (uncorrelated to market), catalyst-driven nature—can generate short-term gains.

Keep in mind, most event-driven shops—whether equity or credit-focused—favor candidates with deal-making backgrounds in investment banking or private equity, rather than public equity research.

While “event-driven” and “special situation” are often used interchangeably, there’s a subtle difference. “Special situations” usually refers to single-company catalysts—like spin-offs, asset sales, management changes, deleveraging stories, or litigation outcomes. “Event-driven” is broader and can include M&A (which affects both acquirer and target), regulatory shifts (impacting an entire industry), and more.

That said, many funds use the terminology loosely and claim to do both. Just something to be aware of. Where possible, I’ve noted the specific types of events a fund tends to target, based on regulatory filings—but it's very possible they’ll pursue anything with a compelling risk/reward, even if it’s slightly outside their stated circle of competence.

This list will be updated when there are notable fund closures or new launches. Updated as of 6/27/2025

Let’s dive in.