Plainfield Dumps Illiquid Assets On Paul Capital

Mar 1 2011 | 12:42pm ET

Embattled hedge fund Plainfield Asset Management has sold a chunk of its illiquid investments to private equity firm Paul Capital.

New York-based Paul paid about $150 million for the portfolio, which includes 14 names and is primarily composed of illiquid debt positions, Dow Jones Private Equity Analyst reports. Technology, media and telecommunications companies make up a big chunk of the portfolio.

Plainfield began offering the stakes around last year. The Stamford, Conn.-based firm was hard-hit by the financial crisis, and last year was slapped with a pair of whistleblower complaints accusing the firm and founder Max Holmes of several misdeeds, including overvaluing its holdings. The firm has also been the subject of a pair of predatory lending probes, one in New York and one in Connecticut, although it has not been charged with any wrongdoing.

Plainfield is still looking to offload a senior loan portfolio on the secondary market.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...