Polygon Finds Buyers For Recovery Fund On Secondary Market

Feb 24 2011 | 9:53am ET

Polygon Investment Partners appears to have some interest on the secondary market for its planned hedge fund to house the illiquid investments of its liquidating flagship.

The London-based hedge fund, which promised redeeming investors it would liquidate its Global Opportunities Master Fund by the end of next month, plans to sell those investors' stakes in its new Polygon Recovery Fund on the secondary market. And some big players in that market are sniffing around, including Coller Capital, Morgan Stanley Alternative Investment Partners and Pomona Capital, Dow Jones Private Equity Analyst reports.

Polygon is seeking to sell shares in the portfolio of private-equity-style direct investments, rather than liquidating them at fire-sale prices. All told, the roughly one dozen holdings of the planned Recovery fund are worth between $400 million and $500 million.

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