Distressed Debt Hedge Funds Close
Many Distressed Debt Hedge Funds Closing Early
BlueMountain Capital Management liquidated its $100 million fund last month. Silverback Asset Management and Highland Capital Management began returning money to investors in their funds last year, as did Declaration Management & Research, Bloomberg News reports.
Chapel Hill, N.C.-based Silverback launched its $210 million convertible-bond fund in March. The $506 million firm began returning money to investors in December. In those 10 short months, the Investcorp Silverback Opportunistic Convertible Fund has returned 121%.
About a third of the money was returned in December, fund manager Elliot Bossen told Bloomberg. The rest will be sent back before July.
“The opportunities in the market aren’t as huge as they were,” Bossen said of the fund, which was set to have a two-year lifespan. Source
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