Hedge Funds

Halcyon plans special situations fund

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Event-driven giant Halcyon is planning a new special situations fund, a multi-strategy play that will primarily target lending opportunities to middle-market companies.

Overseeing the portfolio of the Halcyon Structured Opportunities Offshore Fund Ltd. will be Steve Mandis, a relative newcomer to Halcyon who was formerly with the Goldman Sach's Special Situations Investing Group.

Halcyon expects the strategy to get off the ground with a modest $120 million in assets in February. The new fund is intended to tap special situations that are too small for Halcyon to include in its larger flagship funds, which are included among the