Fund Manager Makes Distressed Push

Martin Sass' MD Sass is seeking to raise capital for its original distressed debt fund, which has just $100 million despite being launched in 1989.

  • 13 Oct 2006
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Martin Sass' MD Sass is seeking to raise capital for its original distressed debt fund, which has just $100 million despite being launched in 1989. The firm, which has $8 billion in assets, had been busy with several private equity offerings, but as those are winding down, the firm wants to focus on pitching the hedge fund, Sass said. The firm is also planning a new hedge fund rollout soon and may kick off another private equity investment next year.

According to Alternative Investment News, a CIN sister publication, the short-term goal for the distressed hedge fund is to reach $500 million, said Sass. As part of this effort the firm recently hired Ashish Shetty, a distressed analyst, to help with the fund. Over the past year, it has bulked up its marketing team as well, snagging four marketers to bring its sales force to five members. "[In the past] we never had more than one person marketing," Sass noted.

The private equity offering would be in distressed securities. Shetty would assist on that project as well, said Sass. The decision to launch the fund will depend on the flow of activity in corporate bond defaults, as the firm expects this to increase next year, he noted (see related story, page 5).

Sass declined to elaborate on the new hedge fund, but noted the firm would continue to opportunistically add staff. Besides hedge funds and private equity, MD Sass, which opened its doors in 1972, also invests in other alternatives including funds of funds, commodities and real estate.

  • 13 Oct 2006

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