Digital Assets Report

Newsletter

Like this article?

Sign up to our free newsletter

Palmer Square Emerging Manager Fund signs investment deal with Boston-based Millstreet Capital Management

Related Topics

The Palmer Square Emerging Manager Fund, LP has provided USD25 million of capital for a seed investment with Millstreet Capital Management LLC, a long/short credit hedge fund manager. In addition to securing strategic investment capital, the relationship provides Millstreet with access to the distribution channels of Atlantic and Montage.

“Millstreet is a natural fit for Palmer Square’s Emerging Manager Fund,” says Palmer Square President Christopher D Long (pictured). “Having worked together in the past, the senior team at Millstreet has deep experience analysing companies, a disciplined investment approach based on thorough research, strong risk management, and a track record of success at well-regarded institutions.” 
 
Based outside of Boston, Millstreet focuses on high yield credit with an emphasis on out-of-favor and overlooked US corporate bonds and leveraged loans. The investment team has spent the majority of their careers focusing on investments in the high yield corporate credit space.
 
“Millstreet also serves as a great complement to Cypress Capital Management, our Fund’s long/short equity manager,” Long says, referring to his firm’s other recently announced investment deal. “As our newest hedge-fund manager, Millstreet provides added diversification with their long/short credit expertise.”
 
The agreement to invest in Millstreet was done in partnership with Atlantic Asset Management, which brings decades of experience in identifying and partnering with talented emerging managers.  The agreement was further enabled by Palmer Square’s affiliation with Montage Investments – a unique group of asset managers offering multiple investment solutions, including mutual funds, closed-end funds, separately managed accounts and alternative investments to financial intermediaries.
 
Don Trotter, Managing Director of Atlantic Asset Management, says: “In our opinion, the Millstreet team established solid credentials prior to the launch of their fund in June of 2010.  Since then, we believe they have continued to build a very strong track record.” 

Like this article? Sign up to our free newsletter

Most Popular

Further Reading

Featured