Harbinger Suspends Redemptions Before Liquidating Credit Fund

Dec 8 2011 | 1:02pm ET

Harbinger Capital Management has ended redemptions from a distressed credit fund in advance of its liquidation.

The New York-based firm told investors that it has "determined to suspend voluntary redemptions effective Dec. 30, 2011," Dealbreaker reports. The firm said it would begin to liquidate the Credit Distressed BlueLine Fund in April.

"As you are aware from the fund's offering memorandum, the fund is designed to begin winding up on April 1, 2012," Harbinger wrote. The suspension comes "in anticipation of such wind-up, to allow for a prudent disposition of assets in a manner that we believe allows us to best capitalize on the expected value of these assets in order to protect the interests of all current investors in the fund."

Harbinger said that the three-year-old fund's onshore version has returned 106.44% over its life and the offshore version 112.94%. On the year, the funds are up 11.61% and 11.38%, respectively.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR