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Fund Of Distressed Hedge Funds Makes Its Debut
October 13, 2008
The vultures are circling hedge fund investors, in the form of an innovative new fund of hedge funds.
Permal Investment Management Services has launched a fund of funds to buy hedge fund investments at a steep discount from other funds of funds forced to sell.
The fund, which has been buying about one investment per month from various sellers, can generally buy the investments at a 25% to 30% discount to their market value, but the ongoing market disaster is playing right into its hand.
“Now, it’s available at a much grander scale,” Omar Kodmani, senior investment officer, told Financial News. “Discounts could be anywhere between 10% and 50% in the extreme. Now, larger discounts are available than is normally the case.”
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