Mark Rachesky moves up in the world after leaving Icahn

Mark Rachesky, who spent six years advising Carl Icahn on investment opportunities, has done well for himself since going solo.

Rachesky, 49, left Icahn to run his own investment firm, MHR Fund Management, which specializes in inefficient markets and distressed companies.

While MHR is a private company that doesn’t have to report its finances, the man with the same initials is apparently quite comfortable. In November, he paid $33 million for a duplex at 834 Fifth Avenue, across from New York’s Central Park Zoo.

The ninth-floor residence has four fireplaces and seven and a half bathrooms. Neighbors in the building include Rupert Murdoch and John Gutfreund, former CEO of Salomon Brothers.

Just a year earlier, he and his wife Jill spent $20 million on an apartment at nearby 998 Fifth Avenue.

Rachesky has invested, and sits on the boards of, a range of businesses. MHR owns 22.5% of Leap Wireless International (NASDAQ: LEAP), which Rachesky chairs.

Leap Wireless stock rose yesterday after the company reported first-quarter results that beat analysts’ expectations. The company provides low-cost phone service, targeting young people and minorities. It has been able to increase its subscriber base even during the economic downturn.

Another major investment is Lions Gate Entertainment, the studio that has produced such movies as Crash and Monster’s Ball. The company’s special niches are teen comedies, action movies and horror, including the series of gory Saw films.

MHR is a majority owner of Loral Space & Communications, a satellite communications company chaired by Rachesky. Other investments include Neose Technologies and Emisphere Technologies, both biopharmaceutical companies.

Rachesky and his wife have a charitable foundation that has provided grants to the University of Pennsylvania, UJA Federation of New York, Trinity School, the Museum of Jewish Heritage and other nonprofits. Its assets, however, are relatively low - $393,000 in 2006, given the family’s personal wealth.

Rachesky has both an MBA and a medical degree from Stanford and generally lists M.D. after his name. He’s not currently a licensed physician in New York State, but then medicine is a low-paying profession compared to his current gig.

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