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

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

A Hard Look At Your ‘Soft’ Hedge Fund Marketing Information

Dec 8 2016 | 9:03pm ET

Conventional wisdom holds that due diligence examines quantitative as well as qualitative...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR