Phoenix Secures $40 Million Seed Investment For Credit Fund

Jul 24 2012 | 9:35am ET

Phoenix Investment Adviser has secured a $40 million seed investment for its JLP Institutional Credit Fund from a large European institution.

The fund launched on Jan. 1, 2011 with $3.5 million of employee capital, and the additional investment brings the fund's total assets to approximately $55 million.

According to the firm, “This investment highlights institutional interest in fixed income strategies that will allow them to earn yield in this environment, without exposure to the volatility characteristic to high-yield funds.”

Phoenix, which now has more than $500 million is assets under management, is best known for its flagship JLP Credit Opportunity Fund, which has a nine-year track record investing in deeply discounted, stressed bonds that it believes will avoid bankruptcy. The  JLP Institutional Credit Fund follows the same deep value, fundamental process, but is focused on senior secured, higher quality bonds of the same or similar companies in the flagship vehicle. The Institutional Credit Fund also has a substantial short book and market hedges that aims to limit downside and volatility.

The new vehicle is designed for pension managers, endowments, fund of funds, and other institutions seeking access to superior high yield corporate credit returns without the volatility often associated with the asset class.

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...