Phoenix Investment Adviser, which manages a fixed-income hedge fund focused on stressed bonds, is aiming to manage around $200 million this year. It currently manages roughly $90 million. The New York-based firm has been talking to some large institutions that could make sizeable investments, said Jeffrey Peskind, founder. Once it hits $200 million, the firm will look to hire a junior researcher for the portfolio, he added. Phoenix plans to close the fund when it reaches $500-700 million.
Phoenix has already seen its assets double over the past six months, and finished the year with a net return of approximately 20%. It invests mostly in stressed bonds with some distressed plays. Lately, the firm has focused on the home construction, building supply, and paper and packaging sectors, said Peskind.