Bermuda-based Revelation Capital Management Ltd (formerly Osmium Capital) has announced a series of new appointments to its team.The company has appointed Constantin Lykham as senior portfolio manager, bring a wealth of experience in arbitrage.Mr Lykham built and ran the Special Situations/Corporate Actions/Delta-1 (derivatives) Trading Group at Barclays Capital in London over the past five-and-a-half years.Prior to that he was an executive at PricewaterhouseCoopers in the Alternative Investments Group, also in London.Meanwhile Sean Pitcher has moved into an investment analyst role on the trading desk, having joined the firm in June as a senior accountant.Formerly he spent almost five years at Ernst & Young, where he worked in the financial services group and gained Chartered Accountant and Certified Public Accountant designations, as well as a strong understanding of the strategies employed by Revelation.Revelation founder and Revelation founder and chief investment officer Chris Kuchanny said that the planned closure of the fund to new money was scheduled for January 1, 2012, allowing the company to focus on the portfolio and servicing existing investors rather than on roadshows seeking new capital, and was expected to be about $400 million. In a letter to investors announcing the decision, he wrote: “We had previously intended to close at $500 million. However, 2011 has been a challenging year, both for the funds and the markets in general. The funds' performance is always our top priority and we have determined that our time is best spent concentrating on the markets and servicing existing investors, rather than on roadshows seeking new capital. For the time being, we are content to allow the funds grow organically.”This follows the departure of three members of its investment team Richard Cox, Kingsley Minty, Daniel Perrin all formerly of the Revelation Special Situations Fund, and Jim Konte, the former head of marketing and investor relations.Mr Minty said: “I can confirm myself, James Konte, Richard Cox and Daniel Perrin have left to pursue other opportunities,” but declined to offer any further details.Gitte Kristiansen has also returned to lead the firm following Mr Konte's departure and she is expected to step back into a marketing role, having previously held the position for the first four- plus years of the fund's existence.Mr Kuchanny said that while there had been some “transitions” at the fund, all the departing employees had been replaced and the investment team currently consisted of three members.“We believe that these changes result in a strong team that is well positioned to benefit the fund and its investors,” he wrote.He continued: “We are optimistic about the potential for future performance.”The fund, formerly known as the Osmium Special Situations Fund, received a Lipper award for its performance for the three-year period ended June 2010.