Empyrean Capital Partners, a new Los Angeles-based hedge fund that will invest across the capital structure, is gearing up for a July 1 launch date. Scott Imbach, formerly a principal at Canyon Capital Partners, and two ex-Goldman Sachs partners, Michael Price and Amos Meron, are the founding partners of Empyrean. The firm will have a staff of 20 at launch. Officials at the fund declined comment while they are in a quiet period.
Sources said the Empyrean fund will be between $500 million to $1 billion and will be a single-strategy, event-driven fund. The fund will invest in distressed, special situation credits and equity, and volatility-type instruments.