Ilex Asset Management, a London credit hedge fund, is set to offer a structured note linked to its main credit fund, as it seeks to boost assets under management. "The two-year plan is to grow the firm 10-fold to USD1.5 billion," said founder and CIO Simon Thorp.
The fund manager is shopping its first note, a 1.5 times-leveraged version of a selection of the best ideas within the main credit fund. It aims to raise USD100 million but it could grow larger, said Thorp.
The firm will launch its second hedge fund in January, focused on European leveraged loans. "We'll get the leveraged loan fund up and running and then gradually put together about half a dozen strategies within leveraged finance and credit," said Thorp. These could include a portable alpha strategy, a fund focused on emerging economies and a fund with a global macro view of the credit space, he suggested. Another option might be a long-only offering, he added.
