Radcliffe Capital Management, L.P., a suburban Philadelphia-based convertible manager, has raised $55 million to pursue the Credit Opportunity strategy to capitalize on the massive dislocations that have taken place in the global credit markets in recent months.
The Credit Opportunity Fund invests across the credit universe and is initially targeting short-term, fundamentally sound convertibles that offer attractive yields relative to other parts of a companys capital structure and relative to high-yield, distressed, bank debt, and levered loans. The strategy, which uses minimal or no leverage and little or no shorting, is headed by Steve Katznelson who has managed credit-related portfolios ......................
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