Ackman's Pershing Square and Other Notable Hedge Funds Buy Into Greenlight Capital Re, Ltd. (GLRE)

In an amended 13F yesterday, William Ackman's Pershing Square Capital disclosed a 250,000 shares stake (0.84%) in property and casualty reinsurance company Greenlight Capital Re, Ltd. (Nasdaq: GLRE), a recent IPO.

There are some other notable hedge funds names that own small stakes in Greenlight Capital Re: SAC Capital (100K shares), Third Point LLC (800K shares), Third Avenue Management (300K shares), Maverick Capital (100K shares), Blue Ridge Capital (200K shares).

Why all the interest from hedge funds in Greenlight Capital Re, Ltd.? Well, Greenlight Capital Re Ltd. is led by David Einhorn, a successful hedge fund manager who founded $3 billion hedge fund Greenlight Capital LLC. Einhorn will manage the investments of Greenlight Capital Re, Ltd and the strategy will include long and short positions in equities, according to the company's prospectus. Einhorn has posted an annual percentage gain of 29% over the last 10 years for his Greenlight Capital hedge fund, so the company's investments appear to be in good hands.