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Thursday, 19 January 2017
Last updated 16 hours ago
Dec 6 2016 | 12:04am ET
Buck Ratchford’s Wingspan Investment Management is reportedly closing and will be returning capital to investors.
The decision is rooted in poor performance and difficult market conditions for long/short middle-market credit strategies, according to a Bloomberg article that cites an investor letter.
Wingspan plans to return 80% of investor capital by the end of next month, the letter says, with the remainder coming by the end of the second quarter of next year.
Wingspan’s closing comes just a few days after news that tiger cub Tyrian Investments was shuttering its flagship event-driven, long/short hedge fund.
Founded in 2013 by Ratchford, a former Goldman Sachs partner, Wingspan focuses on leveraged corporate capital structures and targets opportunities across performing, stressed, and distressed credit as well as special situation equities, according to its website. The firm was seeded with $250 million by Reservoir Capital Group and managed more than $1 billion in July 2015. It currently has $800 million in AUM, according to the Bloomberg article, and suffered steep losses last year that have continued into 2016.