Plainfield Asset Management, the nascent Connecticut firm started by distressed maven Max Holmes, will use a variety of instruments, including credit-default swaps, when it launches its fund. Holmes, who was a senior distressed debt official at D.E.Shaw & Co., is readying a special situation, event-driven and distressed fund.
The strategy will employ a market neutral approach. "[It] will employ leverage and have a significant level of equity shorts, corporate bond shorts, credit-default swaps and index swaps," according to a Goldman Sachs capital introductions document.
Plainfield already has a team in place comprised of a chief operating officer, head trader, marketing chief, head of risk management and senior analyst. Additionally, it will make more hires when its fund launches. Georges Holzberger, head of marketing and investor relations at Plainfield, did not return calls.
