Former Polygon Managers Raise $100 Million For Debt Fund

Sep 8 2010 | 9:45am ET

The former heads of Polygon Investment Partners’ largest hedge fund have struck out on their own, raising US$100 million for their new fund despite the troubles of their old.

Ian Burgess and Alfredo Mattera completed the first round of fundraising for Warwick Capital Partners’ first fund in May, and are now seeking another US$100 million in a second round due to be completed by the beginning of November, Bloomberg News reports. The European Special Situations and Distressed Credit Fund will invest with the expectation that an economic slowdown will make refinancing distressed debt difficult.

“There are a lot of businesses in Europe that are overleveraged,” Burgess told Bloomberg. “Combine this with a wave of refinancing over the coming years, a weak economic and sovereign backdrop, and there are sure to be a lot of restructurings over the next one to three years.”

Burgress and Mattera helmed Polygon’s Global Opportunities Fund—the firm’s largest at US$3.7 billion—until Polygon decided to shutter the fund almost two years ago. The credit hedge fund lost almost half of its value in 2008 and was forced to suspend redemptions; it has returned about half of its remaining assets to investors but has said it will take as long as another two years to return the rest.

Polygon has since offered investors in the fund a chance to get their money out now, but only if they accept a 25% discount.


In Depth

Will Liquid Alts’ Performance Sustain Future Asset Flows?

Aug 25 2014 | 10:34am ET

Liquid alternative investment funds saw the highest percentage of capital inflows...

Lifestyle

Hedgies, Economists and Musicians Mingle At Milkin Mixers In Hamptons

Aug 25 2014 | 6:00am ET

Leave it to Michael Milken to bring some gravitas and sweat to the Hamptons -- along...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.