Pardus Prepares To Launch Distressed Fund

Pardus Capital Management is planning a new corporate debt hedge fund.

The new vehicle would invest primarily in fulcrum debt, post-reorganization stocks and activist equity positions in the U.S., Europe and Latin America, HedgeFund.net reports. It will be more diversified that the firm’s existing fund, which invests much of its $1 billion in assets in just two technology companies.

Pardus recently added a senior analyst to cover distressed investments in Europe. Lutz Strober joined the New York-based activist shop last month.

The new Pardus fund will be seeded with between $15 million and $20 million by the firm.