(Bloomberg) -- Hudson Bay Capital Management has raised over $800 million to invest in so-called special opportunities, according to a person with knowledge of the matter. 

The closed-end drawdown fund is a six-year vehicle that will deploy capital opportunistically under a “fat pitch” strategy, said the person, who asked not to be named because they’re not authorized to speak publicly. The fund, which closed earlier this month, will be managed by Hudson Bay Chief Investment Officer Sander Gerber and managing partners Yoav Roth, George Antonopoulos and Roy Astrachan.

A spokesperson for Hudson Bay declined to comment.

The fund’s investments so far include New York Community Bancorp Inc., according to the person. Hudson Bay was one of the investors that injected more than $1 billion into the struggling commercial real estate lender last month. 

The multi-strategy hedge fund manages approximately $20 billion in assets. The special opportunities vehicle, which began fundraising in the fourth quarter of 2023 with a target of $500 million, is Hudson Bay’s first focused on special opportunities, the person said.

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