Hedge Funds

Alcentra adds new CDO fund

by

Alcentra Asset Management, which is half-owned by European private equity group Alchemy Partners, has added another fund to its line-up of CDO hedge funds. Based in Beverly Hills, CA, Avila Fund will look to invest a minimum of 70% of its capital in performing, non-investment grade senior secured bank debt loans and up to 30% of the fund in other credit instruments, which can include stressed bank loans, bonds or notes.

The fund is being headed up by Steven Bruce, formerly with Appaloosa Management, where he helped develop Thoroughbred Investment, a $600 million bank loan fund. Bruce and