Investment firm BlackRock is looking to raise $3 billion for a new credit hedge fund.
Bloomberg reported that New York-based BlackRock began marketing the new fund, which looks to capture valuation anomalies and mispricings, in October with an initial target of $500 million.
Additional information regarding the new fund was not disclosed.
BlackRock manages about $103.4 billion in alternative strategies, including hedge funds, private equity and real estate. The firm has approximately $4.1 trillion in total assets.