BlueBay Asset Management, a London-based credit-fund manager running USD3.5 billion in assets, has launched a second tap of its high-yield long/short credit fund and is marketing it globally. The Blue Credit Opportunity Fund was opened in October (DW, 9/23) and it attracted EUR45 million in investments from predominately European clients.
The road show for the second offering has been extended to the U.S. and Asia, focusing on institutional clients, high-net-worth investors and pension funds. The open-ended fund has a target size of EUR120 million set for the end of March. Linda Lysell, joint head of structured credit at BlueBay, declined comment.
The euro-denominated fund invests in high-yield leveraged loans, bonds and credit-default swaps and employs a short bucket of 35% to maximize returns. It was structured with Citigroup and is one of four long/short funds run by the group, the others focusing on emerging-market and investment-grade credits. Officials from Citigroup declined comment.
