Investcorp Plans Credit Fund Of Hedge Funds

Apr 23 2008 | 2:00am ET

Bahrain-based Investcorp is prepping a new fund of hedge funds designed to profit from a turnaround in the credit markets.

The firm has already lined up some heavy hitters as underlying managers for the Credit Opportunities Fund, including Paulson & Co., the New York hedge fund that posted triple-digit returns last year betting against the subprime mortgage market, and MKP Capital Management.

The firm’s $8 billion hedge fund unit, which, like Paulson, profited handsomely from the credit crisis last year, will seed the new offering with an unspecified amount of money, the Telegraph newspaper reports.

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