Philadelphia Financial, based in the city of the same name, provides insurance strategies to advisers of ultra-high-net- worth individuals. In addition to merger arbitrage, Paulson & Co. runs strategies including credit; event driven, in which the firm seeks to profit from corporate events such as restructurings, takeovers and bankruptcies; and those that invest in companies that the firm believes will benefit from an economic recovery, and gold and related securities. Investors can choose between dollar- and gold-denominated share classes of most of Paulson’s funds.
Armel Leslie, a spokesman for Paulson & Co. at Walek & Associates, declined to comment on the new fund.