Wed, Sep 28, 2016
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. Nobel Sustainability Trust, Prince Albert II of Monaco help launch major new initiative to drive sustainable technologies[more]

    Matthias Knab, Opalesque: The Nobel Sustainability® Trust ("NST") is leading a major new initiative to finance, incubate and accelerate the development of clean technologies. The initiative will start with the formation of the Nobel Sustainability Fund® ("NSF"). NSF will drive faster access t

  2. Studies - Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements, Cambridge: Look to private investments for best access to LatAm growth[more]

    Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements A new study of the hedge fund space by industry law firm Seward & Kissel LLP reveals a wealth of information regarding established hedge fund managers’ use of side letters—special agreements

  3. Activist News - Caesars 'optimistic' on deal with hedge fund creditors[more]

    From Reuters.com: Caesars Entertainment Corp said on Monday it remains "optimistic" of reaching a $5 billion deal with the bulk of its creditors to push its main operating unit out of bankruptcy, but one hedge fund bondholder said it will pursue litigation. Caesars offered a sweetened $5 billion set

  4. Hedge funds recover from losses as central banks give markets a respite[more]

    Komfie Manalo, Opalesque Asia: The Lyxor Hedge Fund index was up 0.4% from the week ending September 20 (-2.4% YTD), supported by the willingness of central banks to remain accommodative, Lyxor Asset Management said in its weekly briefing. It ad

  5. Perry Capital closing flagship fund after almost three decades[more]

    From Blooomberg.com: Richard Perry, one of the biggest names in hedge funds, is calling it quits after 28 years. Perry, 61, is winding down his New York-based flagship fund as the industry confronts one of the most tumultuous periods in its history. In a letter to investors Monday, he said his style