Launches & Closures

Tufton Oceanic launches new distressed fund

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Tufton Oceanic is launching a Cayman-domiciled fund investing in distressed shipping assets, equity and debt opportunities. The firm, which specialises in maritime and energy-related sectors and manages $2.3 billion of assets globally invested in illiquid and liquid strategies, says it wants to raise $300-500 million from institutions and family office investors for the new fund.

The Oceanic Distressed Fund will have its first close during the second quarter this year and a final close later in the year. The fund will have an anticipated three-year lockup period and will be co-managed by Tufton Oceanic CEO Erik Lind and