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The Opalesque Team: Opalesque has learned that Greenwich, Connecticut-based Gramercy Advisors (Source) will launch the Gramercy Distressed Opportunity Fund on April 1st. The hybrid fund will combine private equity (hurdle rate, back-ended performance fees, etc) and hedge fund (daily mark-to-market, independent NAV statements and custodian, etc) structures.
Hybrid funds are expected to be a growing trend as investment firms look to new structures which will appeal to investors in a new financial environment which has sparked demand for better liquidity, increased transparency and a new approach to fee structures. At its January Private Investment Funds Seminar, law firm Schulte Roth & Zabel dedicated a portion of its discussions to such "private equity light" and hybrid funds, expecting investment firms to incorporate the protections used in private equity funds with the flexibility of hedge funds in order to appeal to investors in a new risk-focused environment.
Gramercy's Distressed Opportunity Fund will invest in stressed and distressed corporate, sovereign and quasi-sovereign entities in emerging markets. The strategy for the Fund is to develop a diversified investment portfolio at the outset that is heavily weighted toward performing (and likely to remain performing) liquid bonds.
According to information secured by Opalesque the firm is expecting a wave of defaults in...................... To view our full article Click here
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