Thu, Aug 28, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
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......................

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. Study shows what resonates with investors: 'Unwavering', 'passionate' beats 'committed', 'dedicated' and more surprises[more]

    Komfie Manalo, Opalesque Asia: A new study by Pershing Square, a unit of BNY Mellon company, showed that an effective value proposition strengthens audience connections and fosters growth, yet many advisors have had little objective guidance in formulating such statements until now. In the

  2. Hedge fund assets decline in July - eVestment[more]

    Bailey McCann, Opalesque New York: Total assets in hedge funds declined in July and dropped 0.49%, marking the industry's second monthly asset decline in 2014, according to the latest asset flows data from eVestment. Despite the asset decline, total industry AUM remained above the $3 trillion

  3. AIMA makes 'the case for hedge funds'[more]

    Bailey McCann, Opalesque New York: The Alternative Investment Management Association (AIMA), the global hedge fund industry body,

  4. Managed futures' global diversification is important in next phase of economic recovery[more]

    Komfie Manalo, Opalesque Asia: The global diversification provided by managed futures may prove to be extremely valuable as the markets enter the next phase of the economic recovery, said Campbell & Company, a pioneer in absolute return invest

  5. Ex-UBS prop trader's hedge fund Manikay Partners eyes UK launch[more]

    From eFinancialnews.com: Manikay Partners, a $1.7 billion US multi-strategy hedge fund set up in 2008 by a proprietary trader from UBS with backing from Goldman Sachs, is planning to open in the UK. New York-based Manikay's move into Europe comes after Financial News revealed on Monday that Aurelius