Thu, Oct 20, 2016
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Palmer Square seeds long/short hedge fund manager Millstreet with $25m

Wednesday, May 04, 2011
Opalesque Industry Update - Palmer Square Capital Management, in partnership with Atlantic Asset Management and Montage Investments, today announced that the Palmer Square Emerging Manager Fund, LP has provided $25 million of capital for a seed investment with Millstreet Capital Management LLC, a long/short credit hedge fund manager. In addition to securing strategic investment capital, the relationship provides Millstreet with access to the distribution channels of Atlantic and Montage.

“Millstreet is a natural fit for Palmer Square’s Emerging Manager Fund,” said Palmer Square President Christopher D. Long. “Having worked together in the past, the senior team at Millstreet has deep experience analyzing companies, a disciplined investment approach based on thorough research, strong risk management, and a track record of success at well-regarded institutions.”

Based outside of Boston, Millstreet focuses on high yield credit with an emphasis on out-of-favor and overlooked U.S. corporate bonds and leveraged loans. The investment team has spent the majority of their careers focusing on investments in the high yield corporate credit space.

“Millstreet also serves as a great complement to Cypress Capital Management, our Fund’s long/short equity manager,” Long explained, referring to his firm’s other recently announced investment deal. “As our newest hedge-fund manager, Millstreet provides added diversification with their long/short credit expertise.”

The agreement to invest in Millstreet was done in partnership with Atlantic Asset Management, which brings decades of experience in identifying and partnering with talented emerging managers. The agreement was further enabled by Palmer Square’s affiliation with Montage Investments – a unique group of asset managers offering multiple investment solutions, including mutual funds, closed-end funds, separately managed accounts and alternative investments to financial intermediaries.

Don Trotter, Managing Director of Atlantic Asset Management, commented, “In our opinion, the Millstreet team established solid credentials prior to the launch of their fund in June of 2010. Since then, we believe they have continued to build a very strong track record.”

“The partnership with Palmer Square – and the capital resources they are investing in our efforts – is an exciting event in our firm’s history,” said Millstreet co-founder Craig Kelleher. “This agreement allows us to focus exclusively on generating attractive risk adjusted returns on behalf of our clients. By combining our investing experience with Palmer Square, Montage and Atlantic’s institutional marketing resources, Millstreet is in a unique position to grow the business in the years ahead,” said Millstreet co-founder Brian Connolly.

(press release)

About Palmer Square Capital Management
Palmer Square Capital Management provides investment advisory services, proprietary funds, and customized allocations focused specifically on alternative investments such as hedge funds and private equity funds.  The firm serves a diverse set of clients across high net worth, registered investor advisor firms and institutional clients. Visit

About Millstreet Capital Management
Millstreet Capital Management employs a fundamental investment philosophy with a focus on the over-looked mid-tier segment of the high yield market.  These mid-tier companies are well-established entities with quality assets and impressive growth profiles, yet often fall under the radar of many investors and subsequently trade at significant discounts to their underlying values. 

In addition to value, Millstreet looks to invest in companies characterized by improving fundamentals, low leverage, high free cash flow yields, and near-term catalysts.  To maximize and protect investor capital, Millstreet augments this approach by implementing capital structure arbitrage trades when appropriate as well as portfolio protection strategies. The Millstreet Credit Fund is managed by a cohesive team with decades of portfolio management, research, and trading expertise in the high yield market. Visit

- FG

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
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. M&A - U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga, Hedge fund Parvus shows hand, toppling William Hill merger deal[more]

    U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga From The fierce battle to buy Britain's biggest private equity group has come to an unexpected conclusion, with the original bidder walking away with the prize. SVG Capital has agreed

  2. Marc Lasry: Energy is still a phenomenal opportunity[more]

    From Distressed debt specialist Marc Lasry said energy debt is still a "phenomenal opportunity" because investors can get "massively overpaid" for the risk they take on. There are "huge opportunities" in the energy sector especially in restructurings, the Avenue Capital Group CEO said Tues

  3. Opalesque Exclusive: Ex-SAC manager re-emerges with market neutral hedge fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A manager re-emerged from the SAC battleground last year to launch his own hedge fund under the umbrella of New York-based investment firm Endicott Group.

  4. North America - Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation, Billionaire hedge fund titans Dinan, Lasry on election, markets and best investment ideas[more]

    Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation From Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward so-called stagflation. Stagflation is typically described as persistently high inflation and hi

  5. Macro hedge funds up 3.3% in one week on Fed and Brexit pays off[more]

    Komfie Manalo, Opalesque Asia: Hedge funds were boosted by the strong performance of global macro funds, with the Lyxor Global Macro Index gaining 3.3% as of the week ending Oct. 11 (-1.7% YTD), Lyxor Asset Management reported. Their short on the p