Tetragon To Launch Distressed Credit Fund

Nov 14 2013 | 2:08pm ET

Tetragon Financial Group, the listed vehicle that bought Polygon Global Partners for almost US$100 million last year, has launched a new distressed credit hedge fund.

TFG, which earlier this year hired Olivier Blechner as senior portfolio manager, has seeded the fund with $25 million and told investors on a call Thursday it will put up to $100 million in the new fund and its other credit strategies, reports the Wall Street Journal.

Paddy Dear, a TFG director and Polygon co-founder, said the firm is hiring a team for the new distressed credit strategy, which it hopes to begin marketing to outside investors next year.

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