Los Angeles-based Canyon Capital Advisors has raised $45 million for its new hedge fund, the Canyon Distressed Opportunity Fund, according to regulatory filings.
The new vehicle is domiciled in the Cayman Islands and has a minimum investment of $5 million.
Canyon and its affiliates currently manage investment partnerships and separate accounts with approximately $18.3 billion in assets. The multi-strategy hedge fund firm is headed by Joshua Friedman and Mitchell Julis, who cofounded the company in 1994.
Canyon Capital Advisors declined to comment on the new fund.