Monday, 2 March 2015
Last updated 52 min ago
Mar 11 2011 | 11:54am ET
Another hedge fund from Phoenix Investment Adviser is rising. The New York-based firm is preparing to roll out a distressed equities fund next month.
Phoenix has been running the new strategy internally since November 2009, HFMWeek reports. The new fund, which will have an initial capacity of $200 million, will serve as an equities pendant to the firm's existing JLP Credit Opportunity Fund, which invests in distressed debt.
"We feel now is an appropriate time to focus on the equities of these companies because we feel there is more potential upside that in their bonds," Jeff Peskind, chief investment officer, said.
The new fund, JLP Partners, has returned 21.37% this year. Last year, the strategy rose 56.4%.
Phoenix currently has about $275 million in assets under management.
Jan 23 2015 | 1:00pm ET
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