Soros Fund Management is spinning off its 12 person credit team as a separate firm, Camulos Capital. George Soros will provide the largest seed capital for the Camulos Partners fund but his investment will be lowered as outside investors' capital begins flowing in. A $500 million close to outside investors will take place July 1, after which point the fund can accommodate another $500 million. Richard Brennan, who heads the group, started the road show in Europe last week. Brennan declined to comment.
The fund's multi-strategy credit focus will be divided evenly among leveraged loans, event-driven distressed debt and a basket of other credit strategies.
Camulos is the name for the Celtic god of war.
The group is in the process of completing a move from the 33rd to the 28th floor at Soros' Seventh Avenue digs in Manhattan, where it has sublet space until the end of the year. In January it will move to new space in Stamford, Conn. For now, the group will keep its existing middle- and back-office structure.
Michael Vachon, Soros spokesman, declined to comment.