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Fund manager raises about $100 mln to bet against a single company

Sahm Adrangi's Kerrisdale Capital Management has raised approximately $100 million from investors to bet against a single stock, a person familiar with the situation told Reuters.

The new Kerrisdale "co-investment" fund appears to be the first of its kind. Hedge fund managers sometimes raise money to focus on a particular investment thesis, such as the recovery of distressed energy companies or residential mortgaged-backed securities. But Kerrisdale, a relatively small firm based in New York, plans to use the money to short the stock of a soon-to-be-unveiled public company.

"We raised a meaningful amount of capital...