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.

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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