Meredith Whitney's Hedge Fund Set A 12%-17% Return Target

Meredith Whitney's new hedge fund, Kenbelle Capital, will aim for returns of 12%-17% according to an investor presentation seen by Bloomberg.

Whitney, known for her bearish call on Cit right as the financial crisis set in, closed her brokerage and opened a hedge fund with Stephen M. Schwartz (a Guggenheim and SAC Capital vet) this summer.

From Bloomberg:

Whitney's fund, American Revival Fund LP, seeks to profit from what she predicts will be the next cycle of growth in "America's Heartland," according to the presentation.

The fund started trading on November 1st. We're not sure of its AUM, but we do know the fund has $50 million from Bluecrest Capital Management, which has $35 billion AUM.

We'll see how it goes.