(Bloomberg) A U.S. investor who has backed hedge fund managers from John Paulson to Kyle Bass is pushing into Europe to offer managers an unusual choice: They can take a bigger share of profits with the catch that they risk losing all their money if the bets go awry. New York-based Prelude Capital Management, which specializes in a niche offering called first-loss funds, has hired former Bank of America Corp. prime brokerage executive Adam Karp to lead its expansion within Europe, according to people with knowledge of the matter. First-loss funds typically offer hedge fund managers an opportunity to hold on to more than half their profits, in exchange for taking on the bulk of the risk.
Hedge Fund Backer Makes High-Stakes Offer in Europe Drive
This entry was posted in Syndicated. Bookmark the permalink.
