Pelham Capital, once a $4.5bn hedge fund that lost 75% of its assets in 2021-2022, is launching a new fund named Bayes Hill in May-June under the leadership of Kayvan Larizadeh. Founder Ross Turner is personally investing $100 million and committing to a three-year lockup, signaling confidence despite the firm’s troubled history. The new fund will focus on 15 high-quality stocks and emerging companies, a shift from its previous strategy that led to losses in Carvana and Expedia. Investors who stayed through the 37.5% rebound in 2023 are now sharing in performance fees, a departure from past discretionary bonuses.