Hedge Funds

Water Tower preps distressed


Chicago-based Water Tower Capital is gearing up to launch a distressed debt fund later this summer, aiming to close a $100 million tranche by year's end with a target of growing the fund to $300 million.

Water Tower Capital is headed up by John Stark, who ran $870 million in hedged distressed portfolios for the PPMA Special Investments Group, until he founded his own firm in 2001 with research director Terry Coleman who also came over from PPMA.

Up until now, Water Tower has focused on providing advisory and consulting services to institutional investors and other fund managers tapping