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WhiteBox Duo Plans to Launch New Event-Driven Distressed Debt Fund

  • Invictus Global Management aims to raise $500 million assets
  • Delano and Patel seek special situations and troubled debt
RF markets stocks
Photographer: Nikada/iStockphoto

Whitebox Advisors LLC colleagues Cindy Delano and Amit Patel have teamed up to form a hedge fund focused on event-driven and special situations that could arise as credit markets tighten.

Invictus Global Management, based in Austin, Texas, is launching its first $500 million alternative-asset portfolio to invest in distressed credit, bankruptcy trade claims and litigation finance, according to a document reviewed by Bloomberg. Delano and Patel will serve as co-chief investment officers.