BlueMountain Capital Management has raised more than USD250m for three new funds designed to pursue credit market opportunities in the post-financial crisis world.
The new funds are the BlueMountain Long/Short Credit Fund, the BlueMountain Distressed Fund and a single-client fund focused on securitized investments.
The Long/Short Credit Fund began trading on 1 February 2010, and the other funds were launched on 1 April 2010.
BlueMountain also plans to create a multi-client asset backed securities fund by the end of the third quarter of this year.
The new funds will provide clients with access to trading strategies already tried and tested in the alternative asset manager’s USD2.6bn flagship fund, BlueMountain Credit Alternatives, but in dedicated products with bespoke liquidity terms.
“The opportunities created by the fallout from the financial crisis are compelling, but asset managers need strong fundamental, quantitative and technical skills to exploit them effectively,” says Stephen Siderow, president and co-founder of BlueMountain. “This credit cycle is the first to take place in a world with large and developed markets for credit derivatives and corporate structured credit. Additionally, the scale and complexity of the asset-backed securities market is unprecedented.”
