July 3rd, 2008
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New York Post- Hedge fund Highbridge Capital Management is trying to raise $1 billion from wealthy investors for a fund focused on buying bank assets hammered by the credit crisis.
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According to one investor who was considering committing funds, the planned Highbridge Leveraged Loan Partners will require prospective investors to commit to a three-year period during which they are precluded from pulling out their money. Marketing of the fund began about a week ago, this person said.
Highbridge, which JPMorgan Chase took a controlling interest in about four years ago, hopes to take advantage of the plummeting prices of bank paper that has been originated over the past year and a half.
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