Avenue Vet Plans Corp. Credit Fund At Northlight

Jul 30 2010 | 1:03pm ET

Northlight Financial has begun fundraising for a “pure play” corporate credit hedge fund, which it hopes to launch by the end of the year.

The New York-based firm hopes to raise $100 million—$50 million apiece for its onshore and offshore versions—for the new fund, which will invest in first lien, senior secured syndicated loans in the U.S. and Canada, HedgeFund.net reports. The credit vehicle is expected to launch in the fourth quarter.

Managing the new fund is Ajay Nanda, who joined Northlight last month after six years at Avenue Capital Group. At Avenue, Nanda was an analyst within the firm's $3.5 billion collateralized loan obligation business.

The new fund will employ no more than 2.7-times leverage, Nanda said, with management investing an “appropriate amount” of their own money, Chris Jahmarkt, the Northlight partner charged with business development for the new fund, told HFN.

Rothstein Kass will serve as auditor of the new fund, Anchin Block Anchin as administrator and Bank of New York Mellon as custodian. The fund features a $1 million minimum investment requirement and charges 1% for management and 15% for performance.


In Depth

Q&A: SkyBridge’s Anthony Scaramucci Readies For Wall Street Week Debut

Apr 16 2015 | 12:56pm ET

Anthony Scaramucci, founder and managing director of asset management firm SkyBridge...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Minnesota Supreme Court Rejects The Ponzi Scheme Presumption: Lenders Claw Back Some Of Their Own Rights

Apr 17 2015 | 9:23am ET

A recent court ruling in Minnesota has put an end to the Ponzi Scheme Presumption...

 

Editor's Note