Cheyne Capital Management, the London-based credit fund manager with over USD27 billion under management, is marketing a second tap of the Cheyne Long/Short Structured Credit Fund. The fund offers capital-protected exposure to long/short tranches and single-name credit-default swaps and is being road showed globally by Cheyne and JPMorgan. The U.S. firm writes the capital protection on the fund, which raised USD300 million on its first close in the summer (DW, 7/29).
Officials at both Cheyne and JPMorgan declined comment and details of any differences from the first launch, as well as the reason for the second marketing period, could not be determined by press time. The fund was the first to combine more than one long and one short tranche. JPMorgan structured the capital protection on the fund, using a variation of constant proportion portfolio insurance known as synthetic portfolio insurance.