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Start-Up HF To Buy Distressed Products
August 21, 2008

New York-based start-up hedge fund Hildene Capital Management has raised about $20 million of the $1 billion it plans to invest in distressed structured products, including subprime mortgage-backed securities, collateralized debt obligations of asset-backed securities and collateralized loan obligations.

The company was founded by former Marathon Asset Management managing director Brett Jefferson early this year and started raising money in May. It now employs several other structured products professionals, including Anik Ray from Wachovia Securities, and Michael Nichol, formerly of Maxim Group and Marathon.

The fund will invest in all parts of the capital structure, from AAA to equity, without targeting any individual credits. An official at Hildene declined to comment.