New York-based EOS Partners has launched the EOS Credit Opportunities Fund, a hedge fund that invests in global distressed bank debt and other fixed-income securities. The new fund will be managed by Matt Meehan and Tal Gurion, who currently oversee an internal $60 million credit portfolio created two years ago.
Meehan said the fund was launched with $63 million, seeded by transferring the entire credit portfolio in addition to a $3 million investment from an undisclosed institution. The firm took two years to make the fund available to outside investors because it wanted to build a track-record, he explained, adding that the goal is to target institutional investors and raise the fund's assets to $300-400 million over time.
The $400 million investment outfit was created by Steve Friedman and Brian Young, two former general partners of global macro hedge fund Odyssey Partners. EOS manages three buckets: private equity, equity long/short and credit. Progressively, each bucket will become a stand-alone fund. The process started last summer with the launch of a private equity fund. The next launch will be a long/short hedge fund, Meehan said.