Launches & Closures Hedge Funds

Chimay heads into distressed.


After a difficult year for its equity portfolio, Chimay Capital Management, the $200 million U.S. investment arm of Belgium's Caraman-Chimay family, is moving into distressed debt. The New York firm decided to close its equity vehicle and will redeem investors from its flagship Spartan Mullen Chimay strategy as of March 31.

Chimay will gain exposure to distressed assets by providing an initial $25 million to Colbeck Capital Management, a firm formed in January by Jason Colodne, former president of $6 billion private equity firm Patriarch Partners, and Jason Beckman, a former senior vice president in the distressed products group