John Paulson has a big new bet
(pictures.reuters.com)
John Paulson.
Billionaire hedge fund manager John Paulson is raising money for a new private-equity fund, Bloomberg's Simone Foxman reports.
Paulson's looking to raise $1.5 billion for Paulson Strategic Partners Fund, according to the report.
It will invest in bankrupt companies and those going through restructuring or in need of rescue financing.
Paulson's company was estimated to have lost $2.1 billion in 2015.
In LCH Investments' annual ranking of the world's most successful money managers, Paulson fell from No.3 in 2014 to No.7 in 2015.
Paulson & Co. made $15 billion betting against the subprime-mortgage market in the years leading up to the financial crisis.
Paulson isn't the only one to look to profit from financial distress. The Baupost Group, the $27 billion hedge fund led by value investor Seth Klarman, has been buying distressed bonds. Oaktree Capital Group cofounder Howard Marks has said that his firm is poised to take advantage of distress brought on by the falling price of oil.
Hedge fund staff focused on distressed debt are also expecting big pay packets.
Read the full story over at Bloomberg »
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