Veteran investor Jonathan Heller recently launched his own hedge fund firm after amassing about $1bn. All of the initial money came from another hedge fund. 

Izzy Englander’s Millennium Management staked Heller with an option to commit more money over time, people familiar with the matter said. Heller’s firm, Helix Partners Management, trades securities and derivatives tied to companies that are under financial strain or bankrupt, including the former parent company of Silicon Valley Bank.