Paulson & Co. preps European stock fund

Hedge-fund manager John Paulson
David A. Grogan | CNBC

Billionaire investor John Paulson is setting up to bet more on Europe.

Hedge fund firm Paulson & Co. is in the early stages of preparing a new strategy, the Paulson European Event Equities Fund, according to recent New York state and Monetary Authority of Singapore filings reviewed by CNBC.com.

It was unclear whether Paulson has started marketing the fund and when it would officially launch. A spokesman for Paulson, which runs approximately $20 billion overall and is based in New York, declined to comment on the filings.

So-called event-driven investing, a stock-picking technique that bets on corporate shakeups such as mergers and acquisitions, is Paulson's oldest strategy. His best-known funds focus on such events, and Paulson worked on mergers at Gruss Partners and Bear Stearns before founding his eponymous firm in 1994, a history that was detailed in The Alpha Masters, a book on the hedge fund industry.