Hedge Funds >>>
The Ohio Police & Fire Pension Fund is boosting its holdings of high-yield debt, including floating-rate bank loans, while reducing equities to limit volatility. Click HERE for more.
Central European Media Enterprises may skip a chance to refinance 273 million euros ($365 million) of 11.625 percent bonds due September 2016 that lost make-whole protection this week after a ratings cut by Moody’s. Click HERE for more.
Richard Schimel, co-founder of Diamondback Capital Management LLC, will start a new hedge-fund firm in the fourth quarter to trade global stocks, according to a letter sent to potential investors. Click here to continue reading.
Kratos Defense & Security Solutions may refinance a $625 million bond early, triggering a $45 million prepayment penalty, to take advantage of low interest rates. Click Here For More
Discovery Capital Management LLC, the fund of separately managed accounts firm that was last year acquired by Direct Access Group LLC, plans to add as many as five emerging managers for allocations by year end, according to Donald Motschwiller, a partner at the New York-based firm. Click here to continue reading.
Estekene Capital Management LLC, the $100 million New York-based long-short valuebased equity hedge fund run by Peter Carlin and Charlie Carr, is shutting down and returning money to investors after having difficulty fundraising, according to a letter to investors obtained by Bloomberg. To read more, click here.
Passport Capital LLC, the $3 billion San Francisco-based hedge-fund firm run by John Burbank, sold its entire portfolio of mortgage debt backed by the U.S. government in the second quarter, according to a letter to investors obtained by Bloomberg News. To read more, click here.
Jana Partners LLC, the $6 billion activist firm run by Barry Rosenstein, took a stake in Japan Airlines Co., it said in a letter to investors obtained by Bloomberg News. To read more, click here.
Hudson Bay Capital Management LP is starting a distressed strategy, with $250 million of internal capital, according to a summary obtained by Bloomberg. To read more, click here.
The New Jersey Division of Investments may add as much as $500 million next year to its $3.5 billion in high-yield investments, Tim Walsh, director of the division, said last week in a telephone interview. The division, which oversees $74.3 billion in New Jersey Pension and Cash Management funds, is also considering investments in floating rate debt to benefit [...]