Sun, Mar 29, 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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. M&A - Hedge funds no longer attractive targets for banks, reinsurers, Blackstone buys stake in Christopher Pucillo’s Solus event-driven hedge fund[more]

    Hedge funds no longer attractive targets for banks, reinsurers From Institutionalinvestor.com: Swiss RE, the world’s second-largest reinsurer, is looking to sell its 15 percent stake in Jersey, Channel Islands–based hedge fund firm Brevan Howard Asset Management. Morgan Stanley reported

  4. Opalesque Radio: Threadneedle expects continuing equity volatility this year[more]

    Benedicte Gravrand, Opalesque Geneva: Investors should expect more volatility, which is signaling a "slow moving" top to the market, KKM Financial’s founder and CEO Jeff Kilburg told CNBC on Monday. And this volatility is going

  5. Hedge funds show strong performance of 2.52% so far in 2015[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry got off to a strong start in 2015 "completely unmindful" of the poor performance last year, according to data provider Preqin. According to Preqin, following a year which saw the average he

 

banner