Hedge Funds

Pinewood aims for $150m latest credit debut

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New York-based Pinewood Capital Partners is ready to roll out a market and credit neutral fund with an estimated $150 million in assets. The firm, founded by Michael Pasternak, Daniel Fitzgerald and Steven Ruggiero, is planning to debut the fund April 1. Pinewood Credit Markets will focus on corporate credit-related markets and securities.

The portfolio employs multiple trading sub-strategies, which exploit valuation opportunities within specific corporate capital structures. Pinewood will deploy the portfolio globally, with an estimated 60% of opportunities sourced in North America and 40% in Western Europe. Overall net market directional and excess spread exposures will