New York-based Stone Gate Capital recently opened its $30 million credit fund to outside investors for the first time.
The long/short high-yield fund, which was previously open only to friends and family of the managers, took in cash in recent weeks from two strategic investors including a fund of funds run by the Vienna-based Hardt group.
The fund is run by a team formerly with the Seligman high-yield group, including Dan Charleston, Brian Hessel and Tim Finn. At Seligman, they oversaw $4 billion in assets.
Stone Gate has produced strong returns this year by investing in non-distressed U.S.