Hedge Funds

Agamas to launch distressed-debt fund


Following the success of its flagship relative value fund, which gained 27.31% in 2007, Agamas Capital Management is marketing a distressed-debt vehicle that will invest in subprime mortgage bonds and mortgage-related collateralized debt obligations.

The New York firm, which currently manages $700 million, is targeting an initial fundraising of $100 million to $200 million.

The Agamas ABS distressed fund, which will be managed by portfolio manager Greg Jacobs and investment chief Seth Fischoff, will seek distressed opportunities across all subprime tranches as well as the among the tranches of CDOs that primarily comprise subprime mortgage-backed securities. The firm's research