Orange Capital, LLC

Orange Capital, the $1 billion event-driven hedge fund led by Daniel Lewis and Russell Hoffman, is closing after 10 years in 2016. Orange Capital made investments in value equity, high-yield and distressed debt, and secured loans, according to the fund's brochure document. The fund's main fund fell 7.4% in 2015, according to Reuters. Since the firm's inception, it had produced annualized returns of 9.7%. Lewis, fund's chief investment officer, spent nine years at Citigroup as a director of the bank's global special situations group, a $5 billion prop-trading group that specialized in distressed debt, high-yield bonds, and value equity. Hoffman, the fund's president, previously worked at Casey, Quirk and Associates, consulting hedge funds.