Hedge fund firm Marathon Asset Management has launched a new fund dedicated to distressed debt in Europe.
The New York Times reported that the $530 million fund opened on January 15 and will begin with investments in Spain, Germany and Ireland. The New York-based firm plans to purchase non-performing loans from local banks, distressed real estate loans and mortgage-backed securities.
This is Marathon’s second Europe-focused fund; it launched its first in 2011 with $1 billion in capital.
With additional offices in London and Singapore, Marathon has approximately $11 billion in assets under management.