Hedge Funds

Marathon opens flagship to new money


Marathon is raising capital for its $2.8 billion flagship fund to take advantage of distressed debt opportunities.

Marathon Asset Management, the $8.5 billion firm founded by Bruce Richards and Louis Hanover in 1998, is re-opening its flagship fund to new money. The Marathon Special Opportunity Fund, the firm’s $2.8 billion opportunistic credit strategy, has been closed for a bit more than two years, but the firm has decided to raise capital to take advantage of new investment opportunities.

“We believe the opportunity to invest in dislocated and distressed debt is highly attractive given the vast universe of unsustainable capital structures and the massive corporate deleveraging process that is unfolding,” wrote Andrew Rabinowitz, the firm’s chief operating