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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......................

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