Tom Steyer's Farallon Capital Management, which has had trouble finding its footing in this year's rocky markets, has made organizational changes to refocus on credit, particularly distressed assets.
The move comes amid losses and redemptions at Farallon, whose flagship multi-strategy Farallon Capital Offshore Investors declined 2.53% in July and is off about 12.5% for the year so far, according to preliminary estimates. The fund sustained most of those losses - 10.04% - in the first quarter. Of that decline, 6.5% was due to value/equity investments, 2.24% from credit and 0.85% from merger arbitrage.
The vehicle, which managed $10.3 billion