BlueMountain Capital Unveils Three Credit-Focused Hedge Funds

Apr 6 2010 | 1:25pm ET

BlueMountain Capital Management has raised more than $250 million for three new credit-focused hedge funds.

The new funds are the BlueMountain Long/Short Credit Fund, the BlueMountain Distressed Fund and a single-client fund focused on securitized investments.

The Long/Short Credit Fund began trading on Feb. 1, and the other funds launched last week. 

BlueMountain already runs $2.6 billion in its flagship credit fund, and is active in the credit derivatives market. The firm says that in addition to the three recent launches, it plans to create a multi-client asset backed securities fund by the end of the third quarter of this year.

“The opportunities created by the fallout from the financial crisis are compelling, but asset managers need strong fundamental, quantitative and technical skills to exploit them effectively,” said Stephen Siderow, president and co-founder of BlueMountain.  “This credit cycle is the first to take place in a world with large and developed markets for credit derivatives and corporate structured credit.  Additionally, the scale and complexity of the asset-backed securities market is unprecedented.”

BlueMountain currently has $3.6 billion in assets under management. The firm was founded in 2003 and has a team of 110 professionals in New York and London.

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