Perella Weinberg Hedge Fund Gains 24% on Distressed Investments

Bloomberg- Perella Weinberg Partners’ Xerion hedge fund rose 24 percent this year, helped by wagers that the value of investment-grade bonds of financial-services firms would fall, according to a letter sent to investors.

The $837 million fund, which invests in the shares and debt of troubled companies, has far outstripped competitors, which have lost 1.6 percent on average in the first half of 2008, according to Chicago-based Hedge Fund Research Inc.

There will be more chances to invest in companies going into or emerging from bankruptcy because of increasing losses at Wall Street banks and a slowing U.S. economy, said Daniel Arbess, New York-based Xerion’s founder and a Perella partner. Lending opportunities will also rise.

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