Monday, 30 November 2015
Last updated 3 hours ago
Feb 28 2008 | 3:58pm ET
U.K.-based Peloton Partners is latest hedge fund victim of the credit crunch. The firm has told investors that it is taking steps to “realize”—read: liquidate—its $2 billion Peloton ABS Fund’s portfolio, and is suspending redemptions on its Multi-Stratgey Fund, which has a very large position in the ABS Fund.
According to a letter to investors, the Peloton ABS Fund “has recently experienced difficulties in the challenging credit markets.” Although the credit quality of the ABS Fund’s assets remain intact, partners Ron Beller and Geoffrey Grant said the current liquidity situation in the asset-backed securities market has resulted in severe net asset value declines for the fund.
In addition, the managers point to lenders severely tightening their terms “without regard to the creditworthiness or track record of individual firms” making it impossible for the firm to meet its margin calls. And although they’ve been wracking their brains and “working night and day” to alleviate the situation, the partners said they’ve decided it was in their best interest to seek buyers for the fund’s assets.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…