BlueMountain Capital Management has held the first closing of the BlueMountain Summit Opportunities Fund II with approximately USD1 billion in capital commitments.
The Summit Opportunities Fund II will concentrate on high conviction investments across asset classes including corporate credit and equity, mortgage and asset-backed securities, real estate and private capital. It will focus on positions with excess risk premium associated with lower liquidity and heightened complexity. The fund's broad and flexible investment mandate will allow BlueMountain to pursue opportunities across its global platform and position for continuously evolving markets in both short-term trading and longer-term compounding investments.
This fund closing follows that of the Credit Opportunities Fund I in October 2012 at USD1.5 billion.
"We are encouraged by our investors' enthusiasm for and commitments to Summit Opportunities II," says Stephen Siderow, co-president and co-founder of BlueMountain. "Financial markets are in the midst of a 'once in a generation' transformation, fuelled by regulatory pressure and macro-economic forces. Over the next decade, these structural shifts will reward those who can adapt – those with scale, flexibility and the ability to integrate multiple investment disciplines. We believe that our large, diverse and experienced team will continue to source, analyse and execute attractive investments that few others can."
The Summit Opportunities Fund II will benefit from BlueMountain's 11-year track record of opportunistic investing as well as its interdisciplinary, multi-asset class investment platform and best-in-class operational and risk infrastructure. The fund will be managed by BlueMountain's CIOs, Derek Smith and Andrew Feldstein, and will leverage BlueMountain's 14 strategy teams and ~100 investment professionals based in its New York, London, and Tokyo offices.
