Moore Charitable Foundation caught in Caspersen case

The foundation alleges former Park Hill managing director lied about an investment relating to the restructuring of an Irving Place Capital fund.

A charitable foundation founded by a hedge fund billionaire has emerged as one of the investors in the alleged fraud case involving former Park Hill managing director Andrew Caspersen.

The Moore Charitable Foundation, which focuses on land, water and wildlife protection, said Caspersen “lied to it” about a potential investment related to the restructuring of an Irving Place Capital fund, according to a statement released on Tuesday. Moore put about $25 million of its endowed funds into an account created by Caspersen, the foundation said.

“When the foundation detected irregularities in a proposed follow-on deal, it swiftly notified [Park Hill owner] PJT Partners’ general counsel’s office and co-operated with PJT in their investigation of the issue,” the foundation said.

On 28 March, US federal prosecutors charged Caspersen with attempting to defraud two institutional investors of more than $95 million, according to statements by the US Securities and Exchange Commission (SEC) and the Department of Justice.

The foundation has since co-operated with the US Attorney’s Office for the Southern District of New York and with the SEC and said it “will continue to aid PJT Partners and the government in their investigations, including on efforts to be made whole on the Foundation’s investment for the benefit of important conservation efforts”.

The foundation was established in 1992 by Louis Bacon, who founded Moore Capital Management, a New York-headquartered investment firm.