Chicago-based alternative investment firm Granite Hall Partners has held a first closing on its fifth alternative investment vehicle.
The Granite Hall Partners Credit Opportunity Fund has so far attracted USD10 million in initial seed capital sourced from family offices and high net worth investors.
The firm is seeking USD50 million for the fund to invest in six to eight leading distressed and alternative credit managers.
The fund has already made its first commitment to Apollo Credit Opportunity Fund III. The firm expects to raise capital for the next nine to 12 months.