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.


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