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Bailey McCann, Opalesque New York: New York-based BlueMountain Capital Management, a hedge fund with $20 billion in assets under management has reached a first close on its BlueMountain Summit Opportunities Fund II at $1 billion. The fund will focus on opportunistic investments across several asset classes.
The Summit Opportunities Fund II will concentrate on high conviction investments across asset classes including corporate credit and equity, mortgage and asset-backed securities, real estate and private capital, the firm said in a statement. It will focus on positions with excess risk premium associated with lower liquidity and heightened complexity.
The investment universe will be global, and include short and long-term investments.
BlueMountain’s previous Summit Opportunities Fund closed on $1.5 billion in 2012.
"Financial markets are in the midst of a 'once in a generation’ transformation, fueled by regulatory pressure and macro-economic forces. Over the next decade, these structural shifts will reward those who can adapt – those with scale, flexibility and the ability to integrate multiple investment disciplines. We believe that our large, diverse and experienced team will continue to source, analyze and execute attractive investments that few others can," said Stephen Siderow, co-president and co-founder of BlueMountain.
BlueMountain was most recently in the news for its high-profile battle with Bill Erbey’s Ocwen, which the firm said defaulted on...................... To view our full article Click here
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