Thu, May 7, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Phoenix Investment Adviser gets European seeder for JLP Institutional Credit Fund

Wednesday, July 25, 2012

Bailey McCann, Opalesque, New York:

Phoenix Investment Adviser is opening up its employee-funded JLP Institutional Credit Fund and has announced an initial seed investment of $40m from a large European bank. The fund was launched January 1, 2011 using $3.5m of Phoenix employee capital- the new investment will bring fund assets under management up to $55m.

  Phoenix is known for its flagship JLP Credit Opportunity Fund which invests in deeply discounted, stressed high yield bonds. The firm itself has approximately $500m assets under management. The JLP Institutional Credit Fund also invests in high yield bonds, but takes a more hedged approach that offers lower volatility to the flagship fund. The fund invests in more senior, higher rated bonds than the flagship fund and maintains a net adjusted beta exposure of 20-40%.

  "We developed the fund after speaking with potential investors that liked what the flagship fund was doing, but wanted lower volatility," says Mike Donoghue, President, Phoenix Investment Adviser in an interview with Opalesque. "We started the fund a year ago with employee capital in order to incubate it and build a track record, once we had that established we spoke with potential seeders and were able to establish this investment."

  The fund manages a significant short book as part of its hedging strategy, the fund is short high yield bonds that it feels are over-valued by 20-25% and also has a tail risk strategy that inclu......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. SEC charges funds of hedge funds Alpha Titans, executives, and auditor for improper expense allocations[more]

    Update: Please note the important updated information at the end of the article.The Securities and Exchange Commission today announced charges against a Santa Barbara, Calif.-based hedge fund advisory firm and two executives involved in improper allocations of fund assets to pay undisclose

  2. Avenue Capital raises $700m for new energy hedge fund[more]

    Komfie Manalo, Opalesque Asia: Global hedge fund Avenue Capital Group, which manages $13bn in assets as at end March, reported that it raised an additional $700m for a new energy fund that it plans to launch in May. Avenue Ca

  3. Opalesque Exclusive: Carne establishes non-EU ManCo in Jersey[more]

    Benedicte Gravrand, Opalesque Geneva: For those managers who will not domicile their fund in the European Union (EU) and yet want to distribute it in the EU – especially the UK –, going under the wing of an AIFMD-compliant ManCo on the Channel Islands could be one of the ways to do it. Ch

  4. Opalesque TV: Aequam Capital: Asset management industry will be mainly quantitative going forward[more]

    Benedicte Gravrand, Opalesque Geneva: Before starting his boutique in 2010, Arnaud Chretien, co-founder and CIO of Aequam Capital, worked ten years as a market trader and 18 years as a quantitative and systematic fund manager for Soc

  5. Class-action lawsuit accuse hedge fund Standard General of holding American Apparel hostage[more]

    Komfie Manalo, Opalesque Asia: A shareholder class-action suit filed on Wednesday accused New York-based hedge fund Standard General of holding American Apparel hostage. It would reportedly reap huge benefits if the clothing company declared bankruptcy. Standard General is the controlling sto

 

banner