Industry News

Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Connecticut Firm Soft-Closes Credit Hedge Fund

Sep 10, 2013
Jing Chen

Hedge fund firm Gramercy Funds Management has closed its distressed credit fund to new investors.

Reuters reported that Connecticut-based Gramercy told investors that the fund, which closed on July 1, capped at approximately $900 million after recently raised just more than $305 million.

Gramercy founder Robert Koenigsberger explained to clients in a letter that the firm believes an environment of rising interest rates will "likely make refinancing for many in the second-tier credits in emerging markets extremely difficult.”

With locations around the world including London, Singapore and Hong Kong, Gramercy specializes in emerging market debt. It currently manages about $3.7 billion in assets.

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