Longacre Fund Management, the $1.6 billion New York-based high yield and distressed debt group, has said it will close its three flagship funds to new investors effective January 2, 2007, though several exceptions will be made.
The soft close will affect Longacre International and two Longacre Capital Partners funds, all of which invest in distressed securities. Longacre Europe and Longacre Special Equities funds will remain open.
The firm will continue to accept additional investments from existing clients. Longacre will also accept fresh capital from new investors who have direct relationships with existing investors or whose consultant or adviser