Gramercy Starts Distressed Fund With $200 Million

Gramercy Advisors LLC, the $3.2 billion emerging-markets hedge fund, started a distressed credit fund with $200 million in commitments, according to a letter to investors, a copy of which was obtained by Bloomberg News.

The Gramercy Distressed Opportunity Fund II invests in stressed performing, distressed and defaulted emerging market corporate and sovereign debt, Robert Koenigsberger, managing partner and chief investment officer at Greenwich, Connecticut-based Gramercy, said in the letter, dated yesterday.

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