Launches & Closures Hedge Funds

Brigade opens new distressed fund

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The firm expects the strategy to reach $125 million by June.

Brigade Capital Management, which managed $4.51 billion in its flagship long/short credit strategy as of January 1, recently opened a new distressed strategy to investors. Co-founder Don Morgan and portfolio managers Ivan Krsticevic and Ben Renshaw have been overseeing the Brigade Distressed Value Fund with $30 million in partner capital since January 1, which generated a net return of 3% through March. The fund opened to external investors this month. Brigade estimates that the strategy has a capacity of $500 million and expects to raise $125 million by June, according to investors who have been briefed on the