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Radcliffe Capital Management, L.P., a suburban Philadelphia-based investment manager, has raised in excess of $120 million in its Credit Opportunity Strategy which capitalizes on the dislocations that have taken place in the credit markets in recent months. The Strategy is offered by Radcliffe to institutional investors through a private fund and managed accounts.
The Strategy invests in a “best ideas” portfolio of corporate debt, focusing on mispriced bonds issued by companies with healthy balance sheets, excess cash flows, low leverage and the ability to withstand an extended market downturn. The firm targets excess returns with little sensitivity to credit or equity cycles.
With the assistance and support of 11 team members, the Strategy is headed by Steve Katznelson who has managed credit-related portfolios since 1988. The newest addition to this team is Narayan Hedge who is focusing on the technology, media and telecommunications sectors across convertibles, high-yield and bank debt.
The firm is currently in talks with a number of institutional investors and hopes to raise additional assets in the coming quarters.
Based in suburban Philadelphia, the Radcliffe Group was founded in 1996 and presently employs 12 professionals. Through its SEC-registered investment adviser affiliate, Radcliffe Capital Management, L.P., Radcliffe manages in excess of $300 million across convertible and credit related strategies.
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