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

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of