Tuesday, 23 September 2014
Last updated 11 hours ago
May 8 2008 | 7:43am ET
The $6.3 billion San Bernardino County (Calif.) Employees’ Retirement Association is making good on its 4% allocation to credit strategies. The plan last month committed a total of $60 million to a pair of distressed-debt funds
The plan committed $30 million to Angelo Gordon Capital Recovery Partners VI, a $2 billion distressed debt fund, and $30 million to M.D. Sass Waterfall Victoria Fund, a hedge fund investing in less-liquid asset-backed securities.
M.D. Sass launched the fund last year as a follow-on to its two-year-old, $1 billion Waterfall Eden Fund, which specializes in high-yield and distressed ABS, to take advantage of a potentially large supply of less-liquid ABS available in the marketplace, “as holders ran into some difficulty because of being too leveraged or having redemptions in their funds due to poor performance,” according to a source familiar with the fund.
Jack Ross and Tom Capasse, portfolio managers for Waterfall Eden, also serve as managers for the Waterfall Fund.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.