Fortelus Capital Management, the European distressed specialist
founded in 2007 by former Silver Point man Tim Babich, has
undergone a restructuring in the wake of significant
redemptions by investors to enable it to pursue what it regards
as "exceptional" investment opportunities in Europe over the
next few years with a more secure long-term capital base.
Fortelus offered all of its investors a 'one-time option'
that was passed at an EGM in late June to redeem or remain in
the Fortelus Special Situations Fund - which launched in April
2007 and has achieved an annualised return of some 7.6%,
despite losing 14.5% in 2011.