Alternative investment manager Investcorp is joining a growing list of hedge funds and private equity firms to invest in European distressed debt.
The New York Times reported that Bahrain-based Investcorp’s hedge fund arm is teaming up with hedge fund firm Eyck Capital Management to invest $50 million to $100 million in a European distressed fund launched by Khing Oei, a former managing principal at Halcyon and founder of Eyck Capital.
Lionel Erdely, the chief investment officer of Investcorp’s hedge fund arm, explained to the news outlet that he believes “there are tremendous opportunities in Europe right now.”
Hedge funds have invested a reported $57.2 billion in European distressed debt this year, while the private equity sector has raised $1.7 billion for the same period.
Investcorp’s hedge fund unit had approximately $4.8 billion in assets under management. It has offices in New York, London, Bahrain and Saudi Arabia.