Barclays spins out $2B+ team into new distressed debt hedge fund Cloverfield

December 10, 2012   Rob Copeland


Matthew Barrett's Cloverfield Capital Management has high hopes, $25 million minimum investment.


Barclays Capital will spin out a West Coast trading operation at the end of this year, recasting the venture as a hedge fund named Cloverfield Capital Management, according to people familiar with the plans.

Matthew Barrett, head of the British bank's distressed debt and special situations investing, will resign to lead the new fund, which has some in the industry buzzing about the New Year's first multi-billion dollar launch. Cloverfield will retain the right to invest across all asset classes, though Barrett is likely to...

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Data

April 2013 Absolute Return fund

Composite
Index Composite
Absolute ReturnApr 13YTD%
Composite0.54%2.94%74%
Commodities-1.78%-5.50%83%
Convertible & Equity Arbitrage0.56%1.52%59%
Credit1.11%3.73%76%
Distressed1.00%5.54%64%
Event Driven0.96%4.96%80%
Fixed Income1.50%3.92%65%
Global Equity0.82%3.37%79%
Latin American Debt0.20%0.99%71%
Latin American Equity-0.10%4.01%57%
Macro0.55%2.19%67%
Managed Futures1.04%1.38%87%
Mixed Arbitrage0.25%2.35%77%
Mortgage Backed Securities1.50%4.04%100%
Multi-Strategy0.94%3.79%60%
Technology0.46%1.87%100%
U.S. Equity-0.30%3.06%72%

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