BlueMountain Raises $1B For New Fund

Feb 5 2015 | 9:16am ET

BlueMountain Capital Management, a private investment firm with $20 billion in assets under management, has held the first closing of its latest multi-asset class fund with approximately $1 billion in capital commitments.

The Summit Opportunities Fund II, which will be managed by CIOs Derek Smith and Andrew Feldstein, will concentrate on high conviction investments across asset classes including corporate credit and equity, mortgage and asset-backed securities, real estate and private capital. It will focus on positions with excess risk premium associated with lower liquidity and heightened complexity. The fund’s broad and flexible investment mandate will allow BlueMountain to pursue opportunities across its global platform and position for continuously evolving markets in both short-term trading and longer-term compounding investments.

This fund closing follows that of the Credit Opportunities Fund I in October 2012 at $1.5 billion.

“We are encouraged by our investors’ enthusiasm for and commitments to Summit Opportunities II,” said Stephen Siderow, co-president and co-founder of BlueMountain. “Financial markets are in the midst of a ‘once in a generation’ transformation, fueled by regulatory pressure and macro-economic forces. Over the next decade, these structural shifts will reward those who can adapt – those with scale, flexibility and the ability to integrate multiple investment disciplines. We believe that our large, diverse and experienced team will continue to source, analyze and execute attractive investments that few others can.”

BlueMountain currently has $15 billion in absolute return funds and $5 billion in CLOs. The firm has offices in New York, London and Tokyo.

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