Hedge Funds

Solus debuts distressed-debt strategy

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Solus Alternative Asset Management has launched a distressed and special situations fund with about $200 million in investor capital. The firm, which runs about $4 billion, expects the new vehicle to reach $500 million by midyear, according to investors.

Solus Core Opportunities fund began trading on April 1 and is being managed by

Chris Pucillo, who also manages the firm's flagship Sola fund. The new fund, Core Opportunities, has a longer-term investment horizon than Sola, enabling the fund to invest in less-liquid securities.

Sola fund has put up impressive numbers. Last year, it netted 38.5%, and it reports a net