Tuesday, 23 September 2014
Last updated 7 hours ago
Oct 10 2012 | 12:21pm ET
BlueMountain Capital Management has closed a longer-dated credit fund (its largest) with over $1.4 billion in capital commitments.
Credit Opportunities I will invest opportunistically to capture the large premium available in more complex and less liquid credit instruments.The fund will focus on corporate structured credit such as CLOs and synthetic collateralized debt obligations, asset-backed financing transactions and securities and off-the-run single company corporate credit.
BlueMountain says the new fund lets investors take advantage of opportunities arising in less liquid credit instruments that are being driven by regulatory changes, complexity fatigue and the retreat of bank capital from secured, asset-backed and structured lending markets.
“We are pleased with the reception this fund has had among institutional investors and family offices,” said Stephen Siderow, president and co-founder of BlueMountain. “A combination of political and market forces, including the secular retreat of capital from traditional lenders, has created opportunities for very attractive risk-adjusted returns for investors who have the ability and confidence to commit capital with us for five years. Our proven expertise, track record, scale of operations and industry-leading infrastructure allow us to capitalize on these opportunities.”
The closing of the fund brings BlueMountain's assets under management to over $11 billion. The firm, founded by JPMorgan vet Andrew Feldstein in 2003, has a 140-person team with offices in New York and London.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.