Hedge Fund Cheyne Raising Cash for Debt Oversold in Pandemic
- Cheyne is targeting 300 million euros for distressed debt fund
- Firm will target oversold loans and bonds, mostly in Europe
Euro bank notes pass through a currency counting machine
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London-based hedge fund Cheyne Capital is planning a new vehicle to buy up debt that’s been excessively punished by the coronavirus selloff, the latest in a number of investment firms targeting distressed credit.
The firm is seeking to raise 300 million euros ($325 million) and will launch the fund as soon as next month, according to people with knowledge of the matter. Cheyne will buy up bonds and loans that it deems are now cheap and sell them once they’ve recovered, said the people, who asked not to be identified because the information is private.