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Alternative Market Briefing

Phoenix Investment Adviser initiates a soft close of its flagship JLP Credit Opportunity Fund

Thursday, April 11, 2013

Bailey McCann, Opalesque New York:

Phoenix Investment Adviser, a $657M investment firm focused on high-yield US corporate debt, has initiated a soft close of its flagship JLP Credit Opportunity Fund. It will accept new investors until July 1. After that, the fund plans to protect existing investors by not allowing capital from new investors to dilute the fund’s future returns. For the time being, existing investors may still add capital to the fund.

"From the beginning, we told investors we would size the fund to the opportunity set in order to maintain a high rate of return," Phoenix founder and CIO Jeff Peskind, said in an interview with Opalesque. "We are money managers, not asset gathers, and we are focused on continuing to deliver robust returns to our investors, as opposed to just growing AUM."

He noted that right now, without a pull back, the current opportunity set for this fund may start showing slightly diminished returns without the soft close. The close itself isn't permanent and Peskind and the investment team will continue to evaluate the market in the event a better opportunity presents itself. Currently, the fund has approximately $550m AUM.

The firm is still growing its other programs including the two-year-old JLP Institutional Credit Fund. As Opalesque previously reported, this fund recently received......................

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