Fund launches & closures Hedge Funds

Marathon raises $750m to invest in hard-to-value assets

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Marathon Asset Management has obtained $750 million in investor commitments for a new strategy the firm has launched to invest in distressed corporate bonds and other hard-to-value assets. Marathon will focus on buying such securities as the bonds of troubled banks, which are now trading at distressed levels.

Marathon, which restricted payouts from the firm’s Special Opportunities Fund last year, has begun meeting redemptions via cash and payment-in-kind of illiquid assets.

Following a loss of about 28% in 2008, Special Opportunities Fund is up about 2% for the year through January. As a whole, Marathon’s funds are up