New York-based hedge fund firm Highbridge Capital Management has raised $5 billion for a mezzanine debt fund.
Dave Miller, the spokesperson for Highbridge, confirmed to trading news outlet 4-Traders that Highbridge has finished fundraising for the new fund.
The fund will be the largest mezzanine debt fund since the financial crisis. Mezzanine funds invest in the risky side of a company's debt spectrum in exchange for higher returns.
Founded in 1992, Highbridge sold a majority stake to JP Morgan & Chase in 2004 and was completely bought out by the bank in 2009. It manages about $29 billion in assets.