David Schiff and Andrew Dym, who managed funds at Perella Weinberg Partners before departing last year, started Innovatus Capital Partners to focus on private debt and wagers on distressed companies.

Innovatus begins with about $1.9 billion in assets, the New York-based firm said in a statement. The founders previously managed about $1.7 billion in the asset based value strategy at Perella Weinberg and agreed to help oversee those funds after their departure.

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