Paulson & Co., the investment firm that made $15 billion in 2007 betting against subprime mortgages, is starting a hedge fund focusing on healthcare, pharmaceutical and related technology and consumer companies.

The new fund, led by Guy Levy, will start with $500 million, according to a letter obtained by Bloomberg News. It’s the first fund the New York-based firm has started in five years, and the first that won’t be managed by billionaire founder John Paulson.

“Guy’s talent and expertise in healthcare, pharmaceutical and related sector investing have added significantly to our performance over the past five years,” Paulson, 59, wrote in the letter. “These changes represent the natural evolution of our firm.”

The Paulson funds have rebounded since last year, when they posted their second-worst performance in the firm’s 21-year history. The firm has benefited this year from successful wagers on energy, healthcare mergers and Greek banks. Paulson’s funds are outpacing stocks and bonds and easily beating the average hedge fund.

Armel Leslie, a spokesman for Paulson at Peppercomm, declined to comment on the new fund.

Paulson also wrote in the letter that Sheru Chowdhry and Ty Wallach will become co-portfolio managers of the Paulson Credit Opportunities Fund, which he had previously overseen alone. The credit fund gained 590 percent in 2007.

CNBC earlier reported the firm’s plans.