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West Palm Beach (HedgeCo.net) – Encouraged by a promising investment environment and accelerated investment pace, New York-based special opportunities fund, Atalaya Capital Management LP, today announced that it has expanded its team, adding three investment professionals and a marketing professional.
“Recent positive changes in our target investment markets have prompted Atalaya to bolster our professional platform in order to capitalize on market conditions and new opportunities,” said Ivan Q. Zinn, Founding Partner & Chief Investment Officer.
Josh Ufberg joined as a Principal from Goldman Sachs’ Special Situations Group, while Rana Mitra and Alex Wang have joined the team responsible for the sourcing and purchase of private credit assets as Senior Associate and Associate, respectively. Ashley Fochtman joined the Firm as a Vice President and will be working in a business development capacity. Previously, Ms. Fochtman worked in hedge fund marketing and at Goldman Sachs as an energy derivatives analyst.
Founded by Mr. Zinn in 2006, Atalaya focuses on the opportunistic purchase of senior secured credit from forced sellers, failed financial institutions and sellers in need of liquidity such as banks, commercial finance companies, and other financial and investment institutions.
About Atalaya Capital Management
Atalaya Capital Management is an alternative investment firm focused on investing in small and middle market credit opportunities. Since inception in early 2006, the Firm has successfully invested over $1 billion through (1) the opportunistic purchase of private, senior secured credit from forced sellers, failed financial institutions and sellers in need of liquidity, and (2) proprietary ‘new issue’ credit investments including DIP loans and other senior secured financings.
NASDAQ – Tribridge Investment Partners Ltd., a Hong Kong-based hedge fund manager, said Monday it will launch a new fund in August and hired John Liptak, former head of Bank of America Corp.’s Asia special situations group, to run it.
The new fund will have a pan-Asia focus and seek to identify mispriced or undervalued securities due to financial stress, some corporate event or other special situation. It will be biased toward large-cap companies in more developed markets in the region such as Hong Kong, Australia, Korea, Singapore, or Japan.
"I believe that the opportunities from the upcoming default cycle have not been seen since shortly after the Asian currency crisis back in 1997-1998," Liptak said in prepared remarks.
West Palm Beach (HedgeCo.net) – Spice Finance, the financial services arm of the $1.5 billion B. K. Modi Group, has entered into a first-of-its-kind strategic joint venture with Singapore-based 3 Degrees Asset Management to launch the Spice 3 Degrees Special Opportunities Fund.
Chaired by turnaround management specialist, Dr Divya Modi, Executive Director of Spice Finance, the fund will hold a first closing of $21 million comprised of commitments from Spice and 3 Degrees. A final closing will be held once third party commitments reach $100 million.
“Spice Finance will invest Rs. 500 crore ($100 million) in distressed assets and special situations, as well as other niche businesses such as remittances and over-the-counter exchanges," said Modi. "Our strategic alliance with 3 Degrees is the first significant step in our goal to achieve a $1 billion valuation for Spice Finance within the next few years,”
The new fund will invest in distressed assets and special situations spanning India and Southeast Asia. “Asia’s distressed asset market is highly inefficient, very large and growing rapidly,” said Moe Ibrahim, Founder of distressed specialist 3 Degrees. “With over $2 trillion in opportunities and only a handful of sophisticated players, the Asian distressed asset market epitomizes the inefficiencies we seek to exploit as a firm. Although the market is enormous, competition is negligible due to the relationship intensive nature of the opportunity set.”
The fund will target companies whose shareholders are struggling or where the debt holders are foreclosing. “We will focus on companies with excellent long-term growth prospects, but where short-term liquidity and management issues have caused the company to fail. Spice has a 30 years rich history of using technology and training in turning around troubled companies. We have the business acumen and resources to make companies successful,” said Modi.
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Your Industry News – Falkland Oil and Gas Ltd (FOGL.L: Quote) said it conditionally raised about 7.6 million pounds ($11.8 million) to help fund capital expenditure on long-lead drilling equipment, and general and administrative costs through 2010 into 2011.
The AIM-listed oil and gas explorer said it issued about 10.4 million new shares to certain directors and institutional investors at 73 pence apiece, representing a 19 percent discount to the shares’ closing price of 90 cents on Tuesday.
Falkland Oil said it placed 1 million of the placing shares with one of its founding shareholders, RAB Special Situations (Master) Fund Ltd, managed by hedge fund manager RAB Capital Plc (RAB.L: Quote).
AltAssets – Abbott Capital Management, a US-based independent investment manager, announced today that it has met its target for the Abbott Capital Private Equity Fund VI, having raised over $1bn.
Like Abbott’s previous funds, the investment strategy for ACE VI is to invest in a range of venture capital and growth equity, buy-out and special situations funds within the US and other developed markets.
West Palm Beach (HedgeCo.net) -A new Asia Macro hedge fund has been launched by Dexion Capital and Morgan Stanley veterans Andrew Gale and Lee Ka Sha.
With a minimum investment is $100,000, the fund will invest in Asian interest rates and currencies, opening trading on May 1, according to HedgeWeek.
Lee will play the role of CEO, with Gale as chief executive. Gale most recently was responsible for product development and fundraising for Dexion Capital’s London-listed closed-ended funds of hedge funds and third-party funds. Lee was a founding member of Abax Global Capital in Hong Kong, where he managed both the South Asia special situations portfolio and macro positioning.
“In the course of these discussions it has become apparent that most investors look to their macro investments to be a diversifier providing a different source of returns than the inherent beta in credit and equity strategies,” Gale said, "the fund launch was based on investor demand."
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Director of Finance online – Lyxor says their Hedge Fund Index was up 1.53% in January. Lyxor is an asset management group wholly-owned by Socieìteì Geìneìrale.
According to a report released today the top performing strategies over the month of January were Fixed Income Arbitrage (+4.19%), Special Situations (+4.08%) and CTAs Short Term (+3.30%).
