Polygon Vets Prep Distressed, Special Situations Credit Fund

May 21 2010 | 11:23am ET

Polygon Investment Partners’ former global credit heads have founded their own hedge fund shop in advance of an August launch.

Alfredo Mattera and Ian Burgess have set up Warwick Capital Partners. The firm will launch its maiden European distressed and special situations credit fund in the summer, Financial News reports, hoping to catch the volatility caused by the financial recovery over the next five years. The fund has won the backing of new seeding firm Cyan Management Group, which has committed more than $100 million to the new fund.

The fund will have a capacity of more than $1 billion. Warwick is concentrating its fundraising efforts on the U.S.

Warwick will boast a team of at least eight when its fund launches in August. Matthew Coleman, formerly of James Caird Asset Management, will serve as chief operating officer when he joins the new firm in July.

Mattera and Burgess left Polygon, where they headed the global credit trading team, about a year ago. Polygon ran into tough times during the financial crisis, shuttering its flagship multi-strategy fund, which once managed $4.5 billion. The firm has since launched two new funds.

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