Thursday, 30 June 2016
Last updated 8 hours ago
Aug 17 2011 | 9:55am ET
Marathon Asset Management has launched a new European distressed credit fund with $100 million in assets—and the expectation that it will be 10 times as large by the end of the year.
The Marathon European Credit Opportunity Fund debuted on Aug. 2, HFMWeek reports. New York-based Marathon is targeting a first close on Sept. 30, and already has commitments to raise the fund's assets to $500 million by that date. The firm will hold a second close on Nov. 30.
Marathon's decision to launch a dedicated European fund came after investors in its flagship fund—notably several large U.S. and Canadian public pension funds—called for such an option.
"Given the headlines that have been going on surrounding Europe, it's no surprise that there's been interest in this," a source told HFMWeek.
The new fund is Marathon's seventh. All told, the firm manages more than $10 billion.