David Fiszel
Fiszel managed the hedge fund through which Epstein accessed capacity-constrained pre-IPO tech allocations in Spotify, SpaceX, Palantir, and Tencent Music, in exchange for foundational LP capital and introductions to Epstein's investor network.
David Fiszel is the founder and chief investment officer of Honeycomb Asset Management LP, a technology-focused hedge fund launched in 2016 with Jeffrey Epstein as a founding limited partner. A former SAC Capital and Point72 portfolio manager, Fiszel was introduced to Epstein by Eva Dubin in late December 2015 while both families were in Palm Beach. Epstein committed at least $20 million through Southern Trust Company and received allocations in pre-IPO deals including Spotify, SpaceX, Palantir, Tencent Music, and Peloton through Honeycomb Partners and its co-investment vehicles.
The relationship, documented across more than twenty emails and multiple in-person meetings from February 2016 through April 2019, was intermediated primarily by Richard Kahn of HBRK Associates. Fiszel negotiated a most-favored-nation side letter for Epstein and offered allocations "at cost with no additional fee to Honeycomb." As late as April 6, 2019 — three months before Epstein's arrest — Fiszel had a confirmed Saturday morning appointment at 9 East 71st Street. Following the arrest, Honeycomb's lawyer denied any "personal or professional relationship" with Epstein, a statement at odds with the documentary record.
The Dubin Introduction and Palm Beach Origins
The Fiszel-Epstein relationship originated within the social infrastructure of Palm Beach, where the Dubins and Fiszels maintained neighboring residences. On December 30, 2015, Sarah Fiszel emailed Eva Dubin sharing David's contact details and noting "Thank you for thinking of David. He thrives on stimulating conversation" 1. Eva forwarded the message to Epstein the same day, adding: "They are here until the 2nd... He lives down the road from me." By February 2, 2016, the introduction had progressed enough that Eva asked Epstein: "Can I give David Fiszel your email and Leslie's phone number?" 2 — a request that would have connected Fiszel directly to Les Wexner, the founder of L Brands and Epstein's most documented financial patron.
The Dubin channel carried weight. Glenn Dubin, Eva's husband and co-founder of Highbridge Capital Management, was among Epstein's longest-standing financial associates. Eva Dubin maintained a close personal friendship with Epstein that persisted past his 2008 conviction. The introduction through Eva rather than through formal financial channels — originating with wives exchanging emails over the holidays — follows a pattern visible in other Epstein introductions: social proximity preceding financial involvement. Fiszel visited the 71st Street townhouse within five weeks of the introduction and launched Honeycomb with Epstein's capital four months later.
Honeycomb's Architecture: Flagship and Venture SPVs
Fiszel launched Honeycomb Asset Management LP in mid-2016 with Epstein as a founding limited partner. The fund operated through a two-tier structure: the flagship Honeycomb Partners LP, which pursued technology-focused long/short equity strategies, and a series of co-investment special purpose vehicles — Honeycomb Ventures I, II, III, and IV — that offered LPs direct exposure to specific pre-IPO opportunities. On May 31, 2016, Richard Kahn reported to Epstein that STC had wired $20 million for the flagship fund. Total Epstein-linked investment across the flagship and Ventures vehicles is estimated at $60 million or more 3.
Epstein negotiated aggressively on terms. When Kahn reported on the side letter dispute in May 2016, he noted that Fiszel "told me you were tough and he felt bad for the miscommunication" and that Fiszel "was going to have his attorney draft a most favored nations provision for you" 4. The MFN clause guaranteed that Epstein would receive terms at least as favorable as any other LP — a standard institutional demand but one that, combined with Fiszel's offer of allocations "at cost with no additional fee to Honeycomb," created a preferential arrangement atypical for a day-one investor in an emerging manager's fund. The fund performed well: by year-end 2018, Honeycomb Partners was up 5.2%, a period when the average long/short hedge fund lost 10%, as Kahn noted to Epstein with evident pride, adding that Fiszel "is very tough on himself and always pushing for more" 5. Paul Tudor Jones was cited as the source of the industry comparison.
The Pre-IPO Deal
The documentary record reveals a sustained flow of exclusive technology investment opportunities from Fiszel to Epstein, each structured through Honeycomb's co-investment vehicles. In December 2016, Fiszel emailed Epstein directly about Palantir, noting that "Palantir was the only private company invited to yesterday's tech summit" with Trump and that "I can buy more at 5 which is 9.5B valuation. Seems like a home run" 6. This discussion followed the February 2016 townhouse meeting where Epstein introduced Fiszel to "Peter" — almost certainly Peter Thiel, Palantir's co-founder — suggesting that Epstein had facilitated Fiszel's access to Palantir shares through the Thiel connection.
In February 2017, Fiszel offered Epstein participation in a SpaceX employee stock buyback at an $18 billion valuation. "Elon is buying 100m personally and we are going alongside an existing investor extra capacity," Fiszel wrote 7. Honeycomb was taking $2 million of the allocation, with potential for an additional $6 million co-invest. By July 2017, Fiszel had moved to Spotify, offering Epstein $1.5 million of a pre-IPO allocation at a $13 billion valuation: "I think its Netflix 5 years ago" 8. Epstein confirmed $1 million initially; Vick Sandhu, Honeycomb's COO, later offered an additional $2 million in capacity. The investment was routed through Honeycomb Ventures I LP, with funds wired to a JPMorgan Chase account. When Spotify's reference price hit $132 at its April 2018 IPO against their $77.50 basis, the position showed a 70% gain.
The pipeline continued through 2018 and into 2019. In June 2018, Dominique Ahumada, Honeycomb's head of capital partnerships, circulated a Tencent Music Entertainment pre-IPO co-investment via Honeycomb Ventures IV LP with $50 million capacity. Kahn forwarded to Epstein, advising that "we may want to indicate for more than you desire as it appears david has a lot of demand" 9. Epstein indicated $5–10 million. As late as February 2019, Kahn and Fiszel were exchanging emails about Peloton pre-IPO opportunities 10. The breadth and consistency of this deal flow — Palantir, SpaceX, Spotify, Tencent Music, Peloton — reflects not merely an investor-LP relationship but a pipeline of the most sought-after private technology allocations of the late 2010s, channeled through a single fund manager to a single investor.
Richard Kahn and the Intermediary Structure
Nearly every documented communication between Fiszel and Epstein was intermediated or shadowed by Richard Kahn of HBRK Associates, operating from 575 Lexington Avenue — the same address as Epstein attorney Darren Indyke's law firm. Kahn forwarded Honeycomb performance reports, deal memos, subscription agreements, and wire instructions between Fiszel and Epstein. He also served as Epstein's eyes on Fiszel: in a January 2019 email, Kahn reported to Epstein that "as you pegged 18 months ago david is very tough on himself and always pushing for more" 5, suggesting Epstein's assessment was being validated through ongoing surveillance of Fiszel's temperament and performance.
By December 2017, Fiszel was pressing Kahn for introductions beyond the investment relationship. Kahn reported to Epstein: "he is pushing me on intros... I know you mentioned stern in London. should we consider Rothschild, Leon, Nicole?" 11. The names are significant: "Leon" almost certainly refers to Leon Black, the Apollo Global Management co-founder who paid Epstein $158 million in advisory fees; "Rothschild" may refer to the Edmond de Rothschild banking family; "stern in London" remains unidentified but may reference a London-based financier. That Kahn sought Epstein's permission before making these introductions — "please advise" — underscores the power asymmetry: Epstein controlled the network access, Kahn managed the logistics, and Fiszel provided the deal flow that earned continued access.
Persistence Through Arrest and Post-Arrest Denial
The Fiszel-Epstein relationship did not wane over time. On Thanksgiving 2018, Fiszel visited Epstein at 358 El Brillo Way in Palm Beach, texting "I figured it out 358 el brillo. See you soon" 12. On April 2, 2019, Fiszel emailed Epstein: "Are you in the city soon?" 13. Three days later, an assistant confirmed: "Reconfirming you will go see Jeffrey tomorrow, Sat. April 6th, at 10am. 9 East 71st Street between 5th and Madison" 14. A calendar alert corroborated the meeting: "10:00am Appt w/David Fiszel" 15. This was three months before Epstein's arrest on July 6, 2019.
The geographic proximity adds context. FEC records place Fiszel's residential address at 10 East 78th Street — seven blocks from Epstein's 9 East 71st Street townhouse. Fiszel was not visiting a distant figure; he was walking to meetings with a neighbor and founding investor. The relationship spanned Palm Beach and the Upper East Side, winter holidays and Saturday mornings, fund launches and pre-IPO allocations.
After Epstein's arrest, Honeycomb's lawyer denied any "personal or professional relationship" between Fiszel and Epstein. This claim is contradicted by the documentary record: at least twenty direct emails between the two, in-person meetings at both the New York townhouse and Palm Beach residence, a founding LP commitment of $20 million or more, co-investment allocations in at least five pre-IPO vehicles, a negotiated MFN side letter, requests for introductions to Epstein's network contacts, and a confirmed appointment at the townhouse three months before arrest. The denial itself may be more revealing than the relationship it attempts to obscure — it suggests awareness that the association, if fully documented, would be difficult to characterize as arms-length or incidental.
All Connections
6 total
All Connections
6 totalFiszel is founder/manager of Honeycomb Asset Management LP. Epstein was day-one LP investor from fund inception June 2016. Invested via STC with 20M initial wire. Direct email correspondence Feb 2016 to Mar 2019. Physical meetings at 9E71st and Palm Beach. Exclusive pre-IPO co-investments in Spotify SpaceX Tencent Music Palantir.
Kahn (HBRK Associates, 575 Lexington Ave 4th Floor) intermediated all Honeycomb AM communications with Epstein. Forwarded performance reports, deal memos, and wire instructions. Referred to Epstein as 'boss' in messages to Fiszel. Kahn received investor reports at [email protected] from Morgan Stanley Fund Services.
Eva Dubin introduced David Fiszel to Epstein in Dec 2015. Sarah Fiszel (Davids wife) provided contact info to Eva noting he thrives on stimulating conversation. Eva forwarded to Epstein. Eva also offered to give Fiszel Wexners phone number. Dubins lived near Fiszels.
David Fiszel held position at Point72 Asset Management (Steve Cohen) before founding Honeycomb Asset Management LP in 2016.
Epstein introduced Fiszel to Peter (likely Thiel) at 9 E 71st St townhouse in Feb 2016. Epstein noted peter liked you thats rare. Fiszel subsequently invested in Palantir (Thiel company) via Honeycomb, discussing 5 per share at 9.5B valuation in Dec 2016. Honeycomb also appeared on same Dechert Exhibit B ledger as Valar (Thiels fund).
Fiszel was a TMT specialist and senior portfolio manager at SAC Capital / Point72 Asset Management (Steve Cohen) from 2000-2004 and 2007-2015. Honeycomb is part of the Cohen spinoff hedge fund network. Kahn referenced Steve Cohen apartment listing in relation to Fiszels father-in-law Richard Steinberg.
All Findings
14 total
All Findings
14 totalfinancial (4)
Fiszel discussed Palantir investment with Epstein in Dec 2016 - referenced Trump tech summit as huge for Palantir
On Dec 15, 2016, Fiszel emailed Epstein ([email protected]): Palantir was the only private company invited to yesterdays tech summit. That seems like a huge change post election and bigger oppty. On Dec 16, Fiszel emailed Kahn: Can you see if we can get an update on palantir view. I heard the meeting with Trump was Huge for the company and I can buy more at 5 which is 9.5B valuation. Seems like a home run. This connects to the Feb 5 2016 meeting where Epstein introduced Fiszel to Peter (likely Thiel, Palantir cofounder). Epstein appears to have facilitated Fiszel access to Palantir shares through the Thiel connection.
Fiszel offered Epstein SpaceX co-investment in Feb 2017 at 18B valuation via Honeycomb private side alongside Elon Musk buying 100M
On Feb 24, 2017, Fiszel emailed Epstein and Kahn about SpaceX employee stock buyback opportunity: Elon is buying 100m personally and we are going alongside an existing investor extra capacity. Elon is getting a better price 105 vs our 118 cost but I think our 18B valuation is still cheap for this company with a 10B backlog. We will be buying 2m of which Im probably 60 percent for the opt-in private side of Honeycomb. If we can get more it could be up to an additional 6m for a co-invest but maybe we get zero.
Fiszel offered Epstein Spotify co-investment at 13B valuation pre-IPO in July 2017 via Honeycomb Ventures I LP
On July 5, 2017, Fiszel emailed Epstein directly: I am going in for Spotify privately personally and for the fund. I think its Netflix 5 years ago. Currently 13B valuation. We have a co-investment opty that funds next week. Im taking 5m of it and have 1.5m for you. Epstein confirmed 1M initially but Tommy took part of the allocation so it was reduced to 1M. Later on Jul 10, 2017, Sandhu offered additional 2M capacity. The investment was via Honeycomb Ventures I LP, wired to JPMorgan Chase account. By April 2018, Spotify IPO reference price was 132 vs their 77.50 basis - a 70 percent gain. Fiszel also offered additional Spotify allocation at cost in Aug 2017, estimating plus 40 percent IRR.
Fiszel offered Epstein Tencent Music co-investment via Honeycomb Ventures IV LP in June 2018 - 50M capacity, strong demand
On June 26, 2018, Dominique Ahumada emailed Richard Kahn about Tencent Music Entertainment pre-IPO co-investment via Honeycomb Ventures IV LP. We have access to 50m and are taking indications first-come-first-serve. There is a lot of demand. Likely we have to cut folks back. Kahn forwarded to Epstein noting if you are interested we may want to indicate for more than you desire as it appears david has a lot of demand. Epstein replied indicating 5-10m. Fund docs included Cover memo, Presentation, Risk Factors, Tax Aspects, LPA, Subscription Agreement, ADV Parts 2A and 2B. Deadline was June 29 for indications, July 2 for subscription.
relationship (6)
Eva Dubin introduced David Fiszel to Jeffrey Epstein in late Dec 2015 - Sarah Fiszel provided contact info to Eva Dubin
On Dec 30, 2015, Eva Dubin forwarded Sarah Fiszels email (containing David Fiszels contact info) to Jeffrey Epstein, noting they are here until the 2nd and he lives down the road from me. On Feb 2, 2016, Eva Dubin asked Epstein: Can I give David Fiszel your email and Leslies phone number? (Leslie = Wexner). On Feb 5, 2016, Fiszel emailed Epstein after visiting 9 E 71st: Thank you for hosting me in your beautiful townhouse. I enjoyed spending time with you and it was a pleasure meeting Peter. Epstein replied: peter liked you, thats rare. This establishes the Dubin-mediated introduction chain and that Epstein introduced Fiszel to Peter (likely Peter Thiel).
Eva Dubin introduced David Fiszel to Epstein in late Dec 2015. On 12/30/2015 Sarah Fiszel emailed Eva Dubin: Thank you for thinking of David. He thrives on stimulating conversation. Eva forwarded to Epstein: They are here until the 2nd... He lives down the road from me. On 02/02/2016 Dubin asked Epstein: Can I give David Fiszel your email and Lesleys phone number? By 02/05/2016 Fiszel visited 9 E 71st and met Peter (likely Peter Thiel or another guest).
The Eva Dubin introduction is significant because Glenn Dubin (Eva's husband) was one of Epstein's closest financial associates. This places the Fiszel introduction squarely within the Dubin social circle in Palm Beach. The he lives down the road from me suggests proximity in Palm Beach. Honeycomb launched with Epstein as day one partner approximately 4 months after this introduction.
David Fiszel visited Epstein at 9 E 71st St townhouse on Feb 5 2016 pre-launch, met Peter and Eva there. Epstein was day-one founding investor in Honeycomb. Fiszel emailed Epstein directly for investments. Fiszel visited Epstein at 358 El Brillo Way Palm Beach on Thanksgiving Nov 22 2018 (7 months before arrest). Fiszel previously at Point72 Asset Management (Steve Cohen) and Rhombus Capital Management LP (CIK 0001316313).
Fiszel pushed Kahn for introductions to Epstein network - Rothschild, Leon Black, Nicole, Stern in London mentioned Dec 2017
On Dec 8, 2017, Richard Kahn emailed Epstein: david fiszel - he is pushing me on intros. I know you mentioned stern in London. should we consider Rothschild, Leon, Nicole? please advise. This reveals Fiszel was seeking access to Epsteins network of ultra-wealthy contacts including likely Leon Black, Nat Rothschild or Rothschild family, and David Stern. Earlier on May 31, 2016, Kahn reported: I spoke with him today and he told me you were tough and he felt bad for the miscommunication over side letters. David was going to have his attorney draft a most favored nations provision for you. This shows Epstein negotiated preferential investment terms.
Fiszel used Epstein as investor network connector. Dec 2017 Kahn emailed Epstein: Fiszel is pushing me on intros - should we consider Rothschild, Leon, Nicole? Fiszel also shared investment intelligence with Epstein including Palantir (Dec 2016, only private company at Trump tech summit), Spotify pre-IPO, SpaceX, Peloton pre-IPO (Feb 2019), and Tencent Music. Fiszel offered Epstein allocation at cost with no additional fee to honeycomb - a sweetheart arrangement for a day-one LP.
The relationship dynamic: Fiszel wanted Epstein's capital and network access. Epstein wanted pre-IPO deals and used Honeycomb as a vehicle for tech investments. Kahn (HBRK Associates) served as intermediary throughout. Stern in London may refer to David Stern (NBA commissioner who died 2020) or another financier. Rothschild and Leon likely refer to Edmond de Rothschild and Leon Black - both already documented Epstein associates.
Fiszel visited Epstein at 9 E 71st St on April 6 2019 - just 3 months before arrest - and asked to meet again on April 2
On April 2, 2019, Fiszel emailed Epstein: Are you in the city soon? On April 5, 2019, Epsteins assistant emailed Fiszel: Reconfirming you will go see Jeffrey tomorrow Sat April 6th at 10am 9 East 71st Street between 5th and Madison. A calendar alert confirmed: 10:00am Appt w/David Fiszel. This in-person meeting at the townhouse occurred just 3 months before Epsteins July 6, 2019 arrest, demonstrating the relationship persisted to the very end. Honeycomb fund was up 5.2 percent for 2018 per Jan 3, 2019 Kahn email to Epstein.
intelligence (1)
Epstein leveraged Honeycomb as quid pro quo - invested 60M+ in exchange for Fiszel providing introductions and network access to tech deals
Pattern analysis of the email corpus reveals a classic Epstein quid pro quo structure. Epstein provided day-one capital (20M via STC on 05/31/2016 alone) and his network (introducing Fiszel to Peter likely Thiel in Feb 2016, suggesting Stern in London and others). In return Fiszel provided: 1) direct access to pre-IPO tech deals (Spotify, SpaceX, Tencent Music, Palantir) typically reserved for institutional investors; 2) sought introductions to Epsteins contacts including Rothschild, Leon Black, Nicole; 3) negotiated preferential terms including MFN provisions. The relationship structure mirrors other Epstein fund investments (Valar/Thiel, Blockchain Capital, Boothbay) where capital allocation bought access to exclusive deal flow. Kahn explicitly referred to Epstein as boss when speaking with Fiszel. Honeycombs lawyer denial of any personal or professional relationship contradicts 20+ direct emails and in-person meetings at the townhouse.
identity (3)
Fiszel has Point72/SAC Capital pedigree - Steve Cohen spinoff network - career 2000-2015 at SAC then Rhombus Capital then Point72
David Fiszel career: BBA Finance from UT Austin. Started at SAC Capital 2000 as TMT specialist. Left 2004 to found Rhombus Capital Management (managing partner Jul 2004-Dec 2007). Returned to SAC (later Point72) 2007-2015 as senior portfolio manager. Founded Honeycomb 2016. He is part of Steve Cohens spinoff network of dozens of hedge funds. FEC records show donations to both parties - Obama 2007, Hillary Clinton 2005, Harold Ford Jr 2005, also Orrin Hatch, Mitt Romney, Scott Brown, Kelly Ayotte, NRSC, ERIC PAC, John Ensign, Chuck Grassley. Fiszel Family Foundation established 2018. Serves on NYU Langone Orthopedic Hospital board. Active Stuyvesant HS alumnus. Father-in-law is Richard Steinberg.
David Fiszel SEC enforcement history: submitted Declaration in SEC v. Mazzola (N.D. Cal. 3:12-cv-01258, 2012-2014) as SEC witness regarding Frank Mazzola and Felix Investments/Facie Libre Management Associates securities fraud. Previously managed Rhombus Capital Management LP (SEC CIK 0001316313, filed SC 13G/A for Stamps.com 2006). Previously at Point72 Asset Management (Steve Cohen). FEC records show employer Honeycomb Asset Management, occupation Founder, residential address 10 E 78th St New York NY (7 blocks from Epstein 9 E 71st St).
David Fiszel is Founder and CIO of Honeycomb Asset Management LP. Previously at SAC Capital Advisors (Steve Cohen's fund) per FEC records showing employer 'SAC Capital Advisors' in 2016. Before SAC, ran Rhombus Capital Management LP (CIK 0001316313, 540 Madison Ave 27th Fl NYC) filing 13F from 2005-2008. Key staff: Vick Sandhu (COO, GC, CCO), Dominique Ahumada (Head of Capital Partnerships and Talent), Chi Keung Chan (CFO and CCO as of 2025). Wife: Sarah Fiszel.
Fiszel was introduced to Epstein by Eva Dubin in Dec 2015. Sarah Fiszel emailed Eva Dubin on 12/30/2015 sharing David's contact info noting he thrives on stimulating conversation. Eva forwarded to Epstein saying they are here until the 2nd and he lives down the road from me (Palm Beach). By Feb 2016 Fiszel visited Epstein at 9 E 71st and emailed afterward appreciating being included and look forward to launching Honeycomb with your day one partnership. Fiszel was still visiting 9 E 71st as late as April 6, 2019 (3 months before arrest).
Full Timeline
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Full Timeline
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