Pamplona To Launch $250M Credit Hedge Fund

Jun 23 2008 | 9:30am ET

Yves Leysen, former head of fixed income in Europe for Bear Stearns, is joining London-based Pamplona Capital Management as a partner to help launch and manage the Pamplona Credit Opportunity Fund.

The multi-strategy credit opportunity fund will debut in September with US$250 million of committed capital. It will have an initial focus on corporate and asset-backed credits and a longer-term interest in the distressed debt market.

“These markets have seen huge dislocations and now present opportunities in both absolute and relative value terms,” said Leysen. “Pamplona was the logical home for this venture given their ability to raise US$250 million of term capital for our team, making this one of the largest hedge fund launches since the start of the credit crisis."

Leysen is bringing with him a team of ex-Bear traders including Sheil Aggarwal, who ran European CLO and mortgage trading, and Joseph Pigott, who co-headed Bear’s leveraged loan warehouse and proprietary trading activities in Europe.

Alex Knaster, CEO of Pamplona Capital Management said the liquidity crisis “has created real opportunities for those with a stable capital base and a top quality credit team.”

Pamplona was founded in March 2005 and manages US$4 billion in private equity, funds of hedge funds and single strategy hedge funds.

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