New York (HedgeCo.Net) – Turnberry Capital Management LP has decided to close its doors and liquidate its assets, after many investors inquired about getting their money back. The hedge fund, which specializes in purchasing distressed debt, once held approximately $800 million under management.
"We intend to take a series of steps to liquidate the Fund and redeem all Fund investors at the same pace," Portfolio Manager Jeff Dobbs wrote in a letter to his clients. “After Labor Day, we will commence a sell-down of the Fund’s security holdings in order to raise cash to fund redemptions.”
Being careful not to waste any potential marketing platform, Dobbs also added that he is planning to own a corporate bond portfolio, and that anyone who has an interest in learning more may submit a request.
About 70 percent of the credit derivative book has already been liquidated.
Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net
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