Scoop: SAC’s Cohen Severs Ties with Siris

Siris Capital Group, the buyout firm that spun out of SAC Capital Advisors early this year, is raising its first fund without help from the hedge fund’s controversial leader Steven Cohen (pictured), Buyouts reported earlier today, citing three sources.

Cohen offered to back away from the firm’s efforts some time in the spring, when he and his firm were appearing regularly in stories about insider trading, according to one source. Another source told Buyouts that he was told in June that Siris and Cohen had ended their relationship.

Cohen never actually cut a check for Siris Capital, but it was widely reported earlier this year that he planned to invest in the fund, which has a target of $400 million. Frank Baker, Peter Berger and Jeffrey Hendren are the lead executives at Siris Capital, which is looking for complex deals in technology, telecommunications, and health care services. They worked together at another firm, Ripplewood Holdings LLC, for 10 years before joining SAC Capital in 2007.

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