John Meriwether is planning his second rise from the ashes after a disastrous year.

The Long-Term Capital Management founder and the remaining partners of his hedge fund JWM Partners are mulling a new fund, according to The Wall Street Journal. The new vehicle may or may not be a part of JWM; the firm’s four partners are considering setting up a new company for it.

It is unclear what strategy the fund would employ, the Journal reports.

The moves come after a terrible 2008 for Greenwich, Conn.-based JWM, whose flagship Relative Value Opportunity Portfolio lost 41.57% last year. In December, the firm told investors that three of its seven partners would be leaving the firm, which Meriwether founded in 1999, a year after LTCM’s spectacular collapse, and that it would cut more than a quarter of its workforce.