It has been known for a while that Zoe Cruz, "Cruz Missile," who was among the better known scapegoats of the financial crisis, was aiming to start her own hedge fund firm. Recall she was famously sacked by her mentor at Morgan Stanley (NYSE: MS) as the financial crisis heated up.

There's some skepticism surrounding hedge fund start-ups right now, only because the hedge fund industry has been through so much. But Cruz has at least made good on her word to jump into the game.

According to Deal Journal, Cruz has raised $200 million in total for two funds to be run by her firm, Voras Capital Management. One fund will focus on global macro strategy and be managed by Cruz herself. The second fund, a credit opportunities fund, will be managed by Ellen Brunsberg, a former Morgan Stanley executive.

The firm has offices in New York and Hong Kong . It is awaiting approval for a London office. A number of Morgan Stanley employees have been hired reportedly. There will be a lot of pressure for small new funds to perform, as the big institutions have shown a clear preference for large funds. A brand name manager will help, but in the end, performance will win out.

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