Tennenbaum Capital To Raise Distressed Debt Fund

Mar 23 2010 | 12:24pm ET

Tennenbaum Capital Partners hopes to raise $1 billion for a distressed debt hedge fund.

The Santa Monica, Calif.-based firm aims to complete the first round of fundraising for the new vehicle within three months, Bloomberg News reports.

Tennenbaum raised $454 million in December for a debtor-in-possession financing fund, which targets loans of about $10 million.

Tennenbaum’s Opportunities V fund was the fifth-best performer among all hedge funds through the first three quarters of last year, according to Bloomberg Markets.

"We have the ability to make investments up to $250 million in private and public companies through open-market purchases and privately negotiated transactions," states the firm's Web site.

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